Control Of Prices And Wages

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Control Of Prices And Wages

We've also come to believe that more fundamental action is necessary as well.

Most economists now do agree that wages shove up prices, that the large corporations can pass the higher costs onto the public, and that the resulting wage/price spiral is a central cause of present-day inflation.

The gap, once again, is between understanding and action, between reality and hope.

To control prices arouses the opposition of the people whose prices are controlled.

To limit wage increases encounters the opposition of the unions.

And this opposition should surprise no one.

The unions' resistance lies in the universal desire to control one's income.

Who wants to escape from control by the market to control by the state? Wage control, like taxation or reduced public expenditure, acts against the great social thrust for higher consumption.

You can understand how economists would wish to avoid the row that this policy would precipitate.

Even more the politicians for whom they work.

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The Last Ten Years

We argued earlier that change in economic institutions is more rapid than we appreciate or like to believe.

In addition to the changes we just mentioned, corporations continued to get larger and stronger.

Unions became important in the United States in new fields, especially in the public services.

Governments, as an aspect of responsive democracy in which we all rejoice, came to the support of new groups - the old, the minorities, the dependent, the ill.

These were given, if not control of, at least protection for their income.

All of this contributed thither to the... see: The Last Ten Years

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