The Death of the United States Guideposts

Abstract

The United States price-wage guideposts are dead. They died because of the manner of their inception, grave defects in the underlying concept and the rigid and inequitable manner in which they were applied. A post-mortem examination may be useful to other countries wrestling with the problem of how, simultaneously, to achieve and maintain full employment, healthy economic growth and price stability.

The views expressed in this paper are the writer’s and not necessarily those of the UAW.