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The Future of Wage and Price Controls

In: The Economics of Wage Controls

Author

Listed:
  • K. Holden

    (University of Liverpool)

  • D. A. Peel

    (University College)

  • J. L. Thompson

    (Liverpool Polytechnic)

Abstract

The case for some form of prices and incomes policy can be made out on two quite separate grounds. The first depends on the belief that inflation is caused by cost—push factors. In this case a prices and incomes policy is directed towards the root cause of inflation and would achieve its aims by inducing moderation of wage claims. Clearly it would normally be necessary for the policy to be accompanied by some palliatives to secure trade union agreement for implementation of the policy. As indicated in Chapters 2 and 5, it is our belief that pure cost—push models have little empirical validity so that we do not pursue this argument any further.

Suggested Citation

  • K. Holden & D. A. Peel & J. L. Thompson, 1987. "The Future of Wage and Price Controls," Palgrave Macmillan Books, in: The Economics of Wage Controls, chapter 6, pages 123-131, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-18677-8_6
    DOI: 10.1007/978-1-349-18677-8_6
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