Prices and Price Controls: Are Price Controls a Policy Instrument?
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How effectively, if at all, do price controls work? The answer to that question has implications for economic policy, for our understanding of history, and also for our understanding of markets. To the policymaker the answer is important in revealing to what extent controls might be used as an instrument of economic management. To the economic historian the answer is of interest for assessing the importance of various influences on the behaviour of the economy. Most generally, if controls do work, then there is a clear possibility that factors in addition to supply and demand affect prices.
KeywordsForecast Period Price Control Money Growth Building Society Income Policy
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