A View of Wage-Price Controls

Wage-price controls are not currently on the political agenda—partly because of a widespread ideological abhorrence of direct government intervention, but mostly because wages and, to an extent, prices as well are now being restrained by the rapid decline in the demand for goods and services—and much more effectively than by administrative controls. This decline in demand, however, will eventually halt and reverse; the question of controls will then reassert itself. A discussion of it the...