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Eleven Fallacies about Controls

In: Full Employment without Inflation

Author

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  • Tim Hazledine

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.

Suggested Citation

  • Tim Hazledine, 1984. "Eleven Fallacies about Controls," Palgrave Macmillan Books, in: Full Employment without Inflation, chapter 14, pages 115-124, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17697-7_14
    DOI: 10.1007/978-1-349-17697-7_14
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