Includes bibliographical references.
|Statement||[by] Donald C. Shields [and] John F. Cragan.|
|Contributions||Cragan, John F., joint author.|
|LC Classifications||HC110.W24 S53|
|The Physical Object|
|Number of Pages||71|
|LC Control Number||79139503|
Additional Physical Format: Online version: Mitchell, Daniel J. B. Wage-price controls and labor market distortions. Los Angeles: Institute of Industrial Relations, University of California, © [This article is excerpted from the book Forty Centuries of Wage and Price Controls: How Not to Fight Inflation.] From the earliest times, from the very inception of organized government, rulers and their officials have attempted, with varying degrees of success, to "control" their economies. By special arrangement with the authors, the Mises Institute is thrilled to bring back this popular guide to ridiculous economic policy from the ancient world to modern times. This outstanding history illustrates the utter futility of fighting the market process through legislation. It is not, perhaps, entirely a coincidence that the man who was the administrative head of German Price Administration until , when their inflation exploded, came to the United States, wrote the book entitled Price Control in the War Economy in , and became chief consultant in .
There is growing talk in Washington and elsewhere that wage and price controls are now necessary, or at least inevitable. The consumer price index of the Bureau of Labor Statistics has been rising by more than 4 per cent per annum in recent : Emerson Schmidt. A new paper in Public Choice shows that President Richard Nixon understood the costs of wage and price controls, but implemented them to secure his re-election in Here is the abstract: In late July, , Nixon reiterated his adamant opposition to wage and price controls calling them a scheme to socialize America. Occasionally, though, we learn something from our mistakes. As Shultz told Nixon in , at least the debacle had convinced everyone “that wage‐ price controls are not the answer. Price Controls, from the Concise Encyclopedia of Economics Governments have been trying to set maximum or minimum prices since ancient times. The Old Testament prohibited interest on loans, medieval governments fixed the maximum price of bread, and in recent years governments in the United States have fixed the price of gasoline, the rent on apartments in New York City, and the minimum wage.
Wage-Price Spiral: The wage-price spiral is a macroeconomic theory used to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. The wage-price spiral Author: Caroline Banton. An Appraisal of the Wage-Price Control Program Barry Bosworth, Wayne Vroman. Chapter in NBER book Analysis of Inflation: – (), Joel Popkin, editor (p. 67 - ) Published in by NBER in NBER Book Series Studies in Income and WealthCited by: 2. Early Puritan communities, described in Hugh Rockoff’s book Drastic Measures: A History of Wage and Price Controls in the United States, abandoned . The book clearly states how wage and price control was applied in different parts of the world in different times in order to solve some sort of shortage or inflation problem. What the book lacks is a deeper review of the ways used to apply the controls and how exactly it /5(19).