The Future of Wage and Price Controls

K. Holden, David Peel and J. L. Thompson
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K. Holden: University of Liverpool
J. L. Thompson: Liverpool Polytechnic

Chapter 6 in The Economics of Wage Controls, 1987, pp 123-131 from Palgrave Macmillan

Abstract: Abstract The case for some form of prices and incomes policy can be made out on two quite separate grounds. The first depends on the belief that inflation is caused by cost—push factors. In this case a prices and incomes policy is directed towards the root cause of inflation and would achieve its aims by inducing moderation of wage claims. Clearly it would normally be necessary for the policy to be accompanied by some palliatives to secure trade union agreement for implementation of the policy. As indicated in Chapters 2 and 5, it is our belief that pure cost—push models have little empirical validity so that we do not pursue this argument any further.

Keywords: Price Control; Indexation Scheme; Marginal Revenue; Income Policy; Wage Contract (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-18677-8_6

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DOI: 10.1007/978-1-349-18677-8_6

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