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Reflections on Price Control

J. K. Galbraith

The Quarterly Journal of Economics, 1946, vol. 60, issue 4, 475-489

Abstract: Introduction, 475.—I. Prewar undervaluation of price control by economists as an instrument of emergency policy, 476. — II. Relation of market structure to informal rationing by the seller, 478. — III. Relation of market structure to enforcement, 480. — IV. Price inflexibility as an aid to price control, 481.—V. Conventional pricing as a further aid, 483. — VI. The period of grace between price-fixing and shortage, 484. — VII. Constant and decreasing costs in relation to price control, 485. — VIII. Concluding disclaimer, and comment on administration, 488.

Date: 1946
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The Quarterly Journal of Economics is currently edited by Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer and Stefanie Stantcheva

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