Newmark's Door

"When you see puzzling behavior in a market or a hard-to-explain institution, ask first: is a government regulation or bureaucracy involved?"

See "How Government Made the Baby-Formula Shortage Worse," "The U.S. Baby Formula Shortage Is the FDA's Fault," and "Rock‐​a‐​Bye Trade Restrictions on Baby Formula". (Note that there is little overlap in the explanations offered by these three pieces.)

And for a spirited critique of the administration's plan to deal with the shortage see "The White House Plan on Baby Formula Is Classic Biden".