A theory of price control
Everybody talks about price control, but not many of us know what to expect of it, and when and how it should be used. In nontechnical language, Galbraith supplies the underlying economic ideas which will help readers understand how particular controls affect the general operation of the economy. He shows why price controls during World War II worked as well as they did and he analyzes the criteria for effective price control both under a fully mobilized economy and under limited mobilization.
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THE PREWAR VIEW OF PRICE CONTROL
PRICE CONTROL AND MARKET IMPERFECTION
PRICE CONTROL AND MARKET IMPERFECTION CONTINUED
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aggregate demand allocation American Economic Association black market buyers ceilings CHAPTER commodities considerable context controls over resource demand and supply Diocletian direct controls disequilib disequilibrium system economists effective effort equilibrium especially excess demand excess of demand expenditure firms fiscal fix prices formal rationing full mobilization higher prices imperfect market important incentives income increasing cost individual industries labor labor power large number Leon Henderson limited mobilization margin of tolerance marginal utility market imperfection Maximum Price Regulation measure military nomic non-wage civilian normal Office of Price oligopoly output partial mobilization partly perhaps period possible postwar pressure prewar Price Administration price ceilings price increases price stability price-fixer prices and wages problem product markets profits purely competitive market reasons restraints result retail rium system savings sellers shortages small numbers task tion trols uncon unions United United Kingdom wage and price wage control wage increases wage stabilization wartime experience World