Eleven Fallacies about Controls

Tim Hazledine

Chapter 14 in Full Employment without Inflation, 1984, pp 115-124 from Palgrave Macmillan

Abstract: Abstract It is not necessary to love price controls to accept them as an anti-inflation policy. Submission to rules and laws is unpleasant when it conflicts with personal inclinations, but, so long as laws are fairly applied across society, their application generally leaves us all better off. So it is with the system of economic laws proposed here to deal with inflation. Permanent retail price ceilings would often be irksome for individual participants in the economy. They would be quite costly and difficult to operate. Mistakes would no doubt be made. But no policy is perfect and costless. The real point is that the benefits from beating inflation would justify a lot of inconvenience.

Keywords: Price Change; Retail Price; Price Control; Price Formula; Perfect Competition (search for similar items in EconPapers)
Date: 1984
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DOI: 10.1007/978-1-349-17697-7_14

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