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wage and price controls
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wage and price controls


The Nixon administration supported the McDonald’s bill and permitted McDonald’s to raise the price of its Quarter Pounders, despite the mandatory wage and price controls restricting other fast food chains.
Eric Schlosser  --  Fast Food Nation
  government efforts in a market economy to restrain inflation through requirement of government approval to raise prices and wages
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Notes:
In the United States, wage and price controls were adopted during the Second Word War, the Korean War, and most recently by Richard Nixon in 1971. Such controls try to break inflationary expectations or prevent people from taking advantage of shortages.

The difficulty with wage and price controls is that they distort information and incentives normally provided by prices. The longer such controls are in place, the more likely they are to create negative side-effects such as reduced production, quality declines, and inefficient adjustment to a dynamic world.

Any serious attempt to governmentally match market pricing would require an enormous bureaucracy subject to regulatory capture. As French President de Gaulle quipped in 1961,
"How can anyone govern a nation that has two hundred and forty-six different kinds of cheese?"
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  • The Nixon administration supported the McDonald’s bill and permitted McDonald’s to raise the price of its Quarter Pounders, despite the mandatory wage and price controls restricting other fast food chains.
    Eric Schlosser  --  Fast Food Nation
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Associated words [difficulty]:   wage and price controls [9] , Reaganomics [9] , 9/11 [3] , Cold War [4] , Ellis Island [4] , Morse code [4] , samurai [4] , The French Revolution [5] , bushido [6] , Gang of Four [7] , Hippocratic oath [7] , Iron Curtain [7] , Ptolemaic System [7] , Reign of Terror [7] , Rosetta Stone [7] , Rwandan Genocide [7] , Silk Road [7] , witch-hunt [7] , Human Genome Project [8] , Jamestown [8] , Manifest Destiny [8] , Plymouth Colony [8] , Salem Witch Trials [8] , American Federation of Labor [9] , Hatfields and McCoys [9] , Reaganomics [9] , Strategic Defense Initiative [9]
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Most commonly used in these subjects:   Public Policy & Politics, History, Business, Personal Finance
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