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  1. Home
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  3. Drastic Measures
  • Cited by 67
Publisher:
Cambridge University Press
Online publication date:
December 2009
Print publication year:
1984
Online ISBN:
9780511600999
DOI:
https://doi.org/10.1017/CBO9780511600999
Subjects:
American History: General Interest, Economics: General Interest, Area Studies, American Studies, History, Economic History
Series:
Studies in Economic History and Policy: USA in the Twentieth Century
Information

Book description

This is a history of America's use of wage and price controls from colonial times to Richard Nixon's experiment with controls in the 1970s. It explores the impact of controls on prices and productivity, side-effects such as the growth of black markets and the expansion of government, and the relationship between controls and monetary policy. The central conclusion is that, contrary to the conventional wisdom, there are situations where the net effect of controls can be positive. In particular, temporary controls may reduce the unemployment and lost output usually associated with disinflation.

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