Allowing prices to rise allows outsiders to produce with improvised thus inefficient means of production.
Pivoting a factory on a dime to make something else is hard, but often doable by the experts for sufficiently loose definitions of “on a dime”.
Pivoting a factory on a dime to make something else that’s cost competitive with the factories designed and built to do that something else already is impossible. It’s like trying to build a car from junkyard parts to run in F1 races. And old prices will reflect the cost savings those old factories were achieving.
Pivoting a factory on a dime to make something else is hard, but often doable by the experts for sufficiently loose definitions of “on a dime”.
Pivoting a factory on a dime to make something else that’s cost competitive with the factories designed and built to do that something else already is impossible. It’s like trying to build a car from junkyard parts to run in F1 races. And old prices will reflect the cost savings those old factories were achieving.