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Price and Wage Controls

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journal contribution
posted on 01.05.1966, 00:00 authored by Allan MeltzerAllan Meltzer

Any system of price and wage controls reduces freedom of contract and freedom of choice. Decisions to restrict these or other personal freedoms are justified in a totalitarian society by reference to some alleged, often vague and illusory, social benefit. In a democratic society, we require or expect some demonstration that the benefits to society exceed the costs of government policies, so that individuals who suffer losses can be compensated without eliminating the entire social gain




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