Drastic Measures: A History of Wage and Price Controls in the United States

Hugh Rockoff

doi:10.1017/CBO9780511600999

Drastic Measures

A History of Wage and Price Controls in the United States

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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Drastic Measures

A History of Wage and Price Controls in the United States

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Contents

Frontmatter
pp i-iv

Contents
pp v-vi

Editors' preface
pp vii-viii

Preface
pp ix-xii

1 - The debate over controls
pp 1-13

2 - Forgotten experiments
pp 14-42

3 - World War I
pp 43-84

4 - World War II: Attacking inflation directly
pp 85-126

5 - World War II: The market under controls
pp 127-176

6 - The Korean War
pp 177-199

7 - The Vietnam War
pp 200-233

8 - Lessons for the recent crisis
pp 234-246

Notes
pp 247-261

Bibliography
pp 262-282

Name index
pp 283-285

Subject index
pp 286-289

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Drastic Measures

A History of Wage and Price Controls in the United States

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