The Effectiveness of Phase II Price Controls

Phase II of the Economic Stabilization Program lasted from November 1971, when it replaced the initial freeze, until January 1973, when the less stringent controls of Phase III were initiated. It is widely thought that controls during Phase II succeeded in holding down wages and prices. The alleged...

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Bibliographic Details
Published in:Interfaces (Providence) 1975-02, Vol.5 (2), p.33-43
Main Authors: Boissevain, H, Donvito, P, Pei, R. Y, Purnell, S. W, Wainstein, E. S
Format: Article
Language:English
Subjects:
Control systems
Industrial products
Manufacturing industries
Plywood
Price controls
Price increases
Sales commissions
Sales representatives
Timber industry
Wage control
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Summary:Phase II of the Economic Stabilization Program lasted from November 1971, when it replaced the initial freeze, until January 1973, when the less stringent controls of Phase III were initiated. It is widely thought that controls during Phase II succeeded in holding down wages and prices. The alleged success of Phase II controls and the rapid price rises during Phase III led to frequent demands for a return to the "good old days" of Phase II. The apparent success of Phase II controls contrasted with the failure of most past price control programs.
ISSN:0092-2102
1526-551X
DOI:10.1287/inte.5.2.33