Wage/price controls are likely to recur from time to time as instruments of U.S. economic policy. Although never officially acknowledged, the emphasis on the wage side to such controls—particularly the union wage side—is always apparent. Price controls are generally based on a markup over costs, a system which assumes control of wages. Data from the Phase II period illustrate the need for more gradualism and less ideology.
- © 1974 The Regents of the University of California