Here I am on a Saturday, living the dream, making my way through Armen Alchian and William Allen's textbook, Exchange & Production. It is filled with gems that I've seen posted ever since Alchian's passing two weeks ago. One stuck out particularly at me, from page 32 of my 1983 edition-
"Asking people to restrict consumption more than they are induced to do by the market price is to ask them to reduce their gasoline use so that other people can use the gasoline in lower-valued uses. Such required "conservation" compels diversion to less valuable uses; it is wasteful. It also gives some politicians more power over economizing resources and people." (emphasis in original)
I would love if someone can explain a flaw in the argument (besides restricting everyone's consumption through coercion). I cannot find one. Anyone interested in more about Alchian should check out the links below or this interview.