Chicago school of economics
The Austrian and Chicago School of economics criticise public policymakers for not "understanding basic economics". In particular, a member of the Chicago school of economics, Thomas Sowell writes "Under popularly elected government, the political incentives are to do what is popular, even if the consequences are worse than the consequences of doing nothing, or doing something that is less popular". Therefore since "Economics studies the consequences of decisions that are made about the use of land, labour, capital and other resources that go into producing the volume of output which determines a country's standard of living"; this means that artificially tampering with the allocation of scarce resources such as implementing certain public policies such as price controls will cause inefficiency in the economy and decline in the standard of living within society.