The Libertarian Party in the US was formed in 1971, most immediately in robust opposition to the announcement of wage and price controls by the then Nixon Administration. The speech and announcement this week by the Harris campaign advocating for price controls and other economic micro-management shows not much has changed in over 50 years, when it comes to the major parties and their failing approach to dealing with inflation. Even experts on CNN are not impressed (see below). See also below an excerpt from libertarianism.org on the subject:
…Price controls generate a distorted report of reality, causing buyers and suppliers to act in ways inconsistent with it. Suppose the market price of apples were $4 per pound if not for a government-enforced price ceiling of $3 per pound. This price ceiling misinforms consumers about the relative scarcity of apples, signaling them that apples are more abundant than they really are. The result is that consumers 
attempt to consume apples at too great a rate. This problem is compounded by the fact that the same price ceiling leads producers to ignore the real, higher value of apples and instead act as if consumers valued apples at only $3 per pound, thus supplying fewer apples than they would were the price $1 higher. The consequence is an apple shortage.
By itself, a shortage is bad enough. But shortages always are accompanied by subtler, less visible problems. One such problem is the extra expenditure of time and other nonmonetary resources on efforts to acquire the product. For example, when lines form, people spend extra time attempting to purchase a product in short supply. What determines how much of these nonmonetary resources consumers spend in such efforts?
The answer is the product’s market value. The higher the market value, the greater is the value of time and other nonmonetary resources that consumers will spend attempting to acquire the product. Because a price ceiling causes suppliers to bring to market fewer units of the product than otherwise—making the product scarcer—the market value of the product rises above the value that would prevail without price controls. Consequently, a price ceiling increases the value of total resources (money plus nonmonetary resources) that are spent on the price-ceilinged product. The cost of the product rises, rather than falls… Read more