This book contains a selection of the papers presented at the first annual Middlebury College Conference on Economic Issues, held in April 1979. The conference carried the theme “New Approaches to an Incomes Policy for the United States” and focused on how to devise a decentralized institution consistent with our political framework to inhibit wage-price spirals. An assumption underlying this approach is that substantial pecuniary externalities arise from corporate and union wage and price decisions that cannot be captured by laissez-faire decision making.
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