ON 14 OCTOBER 1976 more than a million Canadian workers struck for one day to protest the Trudeau government's wage and price controls
which, as Trudeau had warned when Tory leader Robert Stanfield had campaigned for controls in 1974, controlled wages but did not control prices.
Wage and price controls are about as effective in stopping inflation as is wearing earmuffs to fix your car's screeching brakes.
Not only do wage and price controls fail to stop inflation, they make matters worse: The quality of available goods begins to decline; shortages develop; black markets appear; rationing is then often instituted.
Renounce any possibility of government imposing destructive wage and price controls.
As Friedman got up to leave his meeting with Nixon and Shultz, Nixon volunteered that wage and price controls
were a monstrosity and that they would get rid of them as soon as possible, adding, "Don't blame George for this monstrosity.
Three additional terms--a dummy for wage and price controls
In September 1993, President Clinton said that mandatory wage and price controls are not necessary to control costs.
Before ESP, President Nixon steadfastly refused to consider wage and price controls as inflation control policy (Dornbusch and Fischer, 1981).
Finally, we offer a summary and conclusions about the effects of wage and price controls on hospitals.
A free-market bias that discourages any intervention in the economy can have exactly the same negative effect that wage and price controls
can have: freezing inequities and inefficiencies into place.
The regulations on the price and supply of petroleum products that spawned the overcharge cases originated with Richard Nixon's temporary wage and price controls.
Federal appellate courts are often the last stop for clashes between government and business, but, to keep wage and price control cases from clogging the judiciary, Congress had established a special court to handle such disputes.