Preisuntergrenzen

What Is Preisuntergrenzen?

Preisuntergrenzen, also known as price floors, represent a minimum permissible price set by a government or a regulating authority for a good, service, or commodity. These are typically established above the Marktgleichgewicht price that would naturally occur in a free market, preventing prices from falling below a certain level. Preisuntergrenzen are a common form of Preiskontrollen used within Mikroökonomie to influence market outcomes and achieve specific social or economic goals. The intention behind implementing Preisuntergrenzen is often to protect producers by ensuring they receive a price that covers their Produktionskosten or provides a sufficient income.

History and Origin

The concept and implementation of price floors have roots in various historical contexts, largely driven by desires to stabilize incomes or ensure minimum living standards. One prominent example is the introduction of Mindestlohn laws, which set a price floor for labor. The first federal minimum wage in the United States was established by the Fair Labor Standards Act (FLSA) in 1938, initially at $0.25 per hour, as a response to the economic conditions of the Great Depression. ⁶Similarly, agricultural price supports, which establish price floors for staple crops, became widespread in many countries during the 20th century to protect farmers from volatile market prices and ensure food security. In the U.S., these programs trace back to the Agricultural Adjustment Acts of the 1930s. ⁵Additionally, international cartels like the Organization of the Petroleum Exporting Countries (OPEC) have historically influenced global oil prices by coordinating production levels, effectively acting as a collective price floor to maintain desired revenue levels for member states.
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Key Takeaways

• Preisuntergrenzen are government- or authority-imposed minimum prices for goods, services, or factors of production.
• They are typically set above the natural market equilibrium price.
• The primary goal is often to protect producers, ensure a minimum income, or stabilize industries.
• Common examples include minimum wage laws and agricultural price supports.
• While intended to help specific groups, they can lead to market surpluses and inefficiencies.

Interpreting the Preisuntergrenzen

When a Preisuntergrenze is set above the market-clearing equilibrium price, it creates a situation where the quantity supplied exceeds the quantity demanded. This excess supply is known as a surplus. For producers, the Preisuntergrenze ensures a higher price per unit than they would otherwise receive, potentially increasing their Produzentenrente. However, consumers face a higher price, which may reduce their Konsumentenrente and lead to a decrease in the overall quantity exchanged in the market. The interpretation of a price floor thus involves analyzing its impact on both producers and consumers, and the resulting market dynamics, which often include an accumulation of unsold goods or services.

Hypothetical Example

Consider the market for a specific type of grain. In a free market, the Marktgleichgewicht price for this grain might be €200 per ton, with 10 million tons traded annually. Farmers, however, argue that this price is too low to cover their Produktionskosten and provide a sustainable living.

The government decides to implement a Preisuntergrenze of €250 per ton. At this new, higher price:

1. Supply Response: Farmers are incentivized to produce more grain because of the guaranteed higher price. They might increase their supply to 12 million tons.
2. Demand Response: Consumers, facing the higher price of €250 per ton, reduce their demand for the grain. They might only be willing to purchase 8 million tons.
3. Resulting Surplus: The difference between the 12 million tons supplied and the 8 million tons demanded creates a Überschuss of 4 million tons of grain. This surplus will accumulate, requiring government intervention (e.g., purchasing the excess) or leading to wasted resources.

This example illustrates how a Preisuntergrenze, while supporting producers, can lead to an imbalance in the market.

Practical Applications

Preisuntergrenzen are utilized in various sectors to achieve specific economic and social objectives.

• Labor Markets: The most common application is the Mindestlohn. Governments set a minimum hourly wage to ensure workers earn a living income, protecting them from exploitation and reducing poverty. This is a direct form of Regulierung in the labor market.
• Agriculture: Many nations employ Landwirtschaftspolitik measures, such as price supports for crops like corn, wheat, or dairy products. These floors aim to stabilize farmers' incomes, ensure domestic food supply, and protect them from price volatility caused by fluctuating Angebot und Nachfrage or weather conditions. The U.S. Department of Agriculture's Economic Research Service provides extensive information on the history and impact of U.S. farm policies.
• C³ommodity Markets: In certain commodity markets, governments or international bodies may intervene to set minimum prices to ensure stability for producers, particularly in developing countries reliant on specific exports. The actions of OPEC in oil markets can be seen as an attempt to establish a collective price floor for crude oil.

Limitations and Criticisms

Despite their intended benefits, Preisuntergrenzen often face significant criticism due to their potential for unintended consequences and Marktineffizienz.

One primary criticism is the creation of persistent surpluses. When the minimum price is set above the market-clearing level, producers are encouraged to supply more, while consumers demand less, leading to an unsold quantity of goods or services. This Überschuss can result in wasted resources and necessitate costly government interventions, such as purchasing and storing the excess or implementing Subventionen to dispose of it.

Further²more, Preisuntergrenzen can lead to a Wohlfahrtsverlust, representing a reduction in total economic surplus (the sum of consumer and producer surplus) that results from an inefficient allocation of resources. This loss occurs because mutually beneficial transactions that would have happened at the equilibrium price no longer take place. Critics also argue that price floors can distort market signals, reduce innovation, and disproportionately benefit larger, more efficient producers at the expense of smaller ones or new entrants. The Federal Reserve Bank of San Francisco has discussed these trade-offs, particularly in the context of minimum wage laws. These [S¹taatliche Intervention](https://diversification.com/term/staatliche-intervention) can also lead to the development of black markets if consumers and producers seek to transact at prices below the official floor.

Preisuntergrenzen vs. Preisobergrenzen

Preisuntergrenzen (Preisuntergrenzen) and Preisobergrenzen are both forms of Preiskontrollen, but they operate in opposite directions and have distinct effects on market outcomes.

While Preisuntergrenzen aim to prevent prices from falling too low, Preisobergrenzen prevent them from rising too high. Both interventions disrupt the natural Marktgleichgewicht and can lead to inefficiencies, but the specific problems they create (surpluses vs. shortages) are inversions of each other.

FAQs

Why do governments implement Preisuntergrenzen?

Governments typically implement Preisuntergrenzen to achieve specific economic or social goals, such as protecting the income of producers (e.g., farmers or workers), stabilizing industries, or ensuring the supply of certain goods. They are a form of staatliche Intervention designed to influence market outcomes beyond what free market forces would naturally dictate.

What are common examples of Preisuntergrenzen?

Two of the most common examples of Preisuntergrenzen are minimum wage laws in labor markets and price supports for agricultural products. Minimum wage ensures workers earn at least a specified hourly rate, while agricultural price supports guarantee farmers a minimum price for their crops or livestock.

How do Preisuntergrenzen affect the market?

When a Preisuntergrenze is set above the market Marktgleichgewicht price, it leads to an excess of supply, known as a surplus. This means that at the higher mandated price, producers are willing to supply more than consumers are willing to buy. It can also reduce the overall quantity of transactions in the market and create inefficiencies.

Can Preisuntergrenzen lead to unintended consequences?

Yes, Preisuntergrenzen can lead to several unintended consequences. These include the creation of persistent surpluses of goods, which may require government purchases or disposal, leading to waste. They can also result in Marktineffizienz by preventing mutually beneficial transactions and potentially encouraging black markets where goods are traded below the legal minimum price.