Now that inflation seems to be largely tamed, another threat has sprung up in its wake: the misguided notion that politicians can and should deal with high prices by capping or controlling them.

Both parties are guilty of this economic malpractice. President Joe Biden released a plan in July that would set a cap on certain rents. Vice President Kamala Harris wants the government to decide when food and grocery prices are too high. Most recently, former President Donald Trump assured supporters he'll cut their credit card interest rates to a maximum of 10 percent "for a period of time."

Voters shouldn't be fooled, and candidates should know better. In a free market, prices respond to supply and demand--if prices are arbitrarily capped, suppliers exit the market and consumers hoard more than they need. Goods may be cheaper, but they'll also be scarcer.

These not-so-complicated lessons have been learned many times.

Volumes of academic studies, over many years, have buttressed real-world examples.