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The Prices Justification Tribunal: Retrospect and Prospect

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  • R. R. Officer

    (University of Queensland. I am indebted to A. Kleiden for assistance in collecting and collating data and discussion of the PJT Reports. I have also benefitted from discussions and comments by R. Ball, P. Brown, R. Gregory, N. Norman, R. Parish, I. Wills, A. Watson and an unknown referee. However, none of these people can be held responsible for any errors of commission or omission in the paper or its conclusions.)

Abstract

Because empirical measurement of the PJT's effectiveness is very difficult, the PJT is evaluated analytically. It is concluded that the only sensible role for the PJT is to reduce inflationary expectations when the underlying causes of inflation are no longer present. There is little or no evidence that the PJT has been successful in this regard. An examination of the PJT's decisions indicate many inconsistencies with those of other government bodies and with optimal resource allocation. The PJT owes its continued existence almost completely to political factors.

Suggested Citation

  • R. R. Officer, 1976. "The Prices Justification Tribunal: Retrospect and Prospect," Australian Journal of Management, Australian School of Business, vol. 1(1), pages 57-72, April.
    • Handle: RePEc:sae:ausman:v:1:y:1976:i:1:p:57-72
    DOI: 10.1177/031289627600100103
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    References listed on IDEAS

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    1. George J. Stigler & James K. Kindahl, 1970. "The Behavior of Industrial Prices," NBER Books, National Bureau of Economic Research, Inc, number stig70-1, February.
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