Some Lessons of Price Controls in 1971-1973

D. Quinn Mills

Bell Journal of Economics, 1975, vol. 6, issue 1, 3-49

Abstract: This article assesses the experience in the United States with the 1971-1973 wage and price controls. From the mixed evidence two main conclusions are reached. First, in competitive product and labor markets with a reasonably elastic supply of the product the government's setting prices below market levels was not conducive to economic stabilization. Second, in noncompetitive markets, or in cases of an inelastic supply, and with excessive demand, government intervention to stabilize prices in the short run did contribute to some extent to economic stability.

Date: 1975
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