Black markets, rationing, shortages - these and other issues are
covered in this important collection which presents a selection of
the best literature on the impact of price controls on wages,
investment and real output in the short and long runs.The book
covers a wide range of episodes ranging from the controls imposed
by the Emperor Diocletian in the year 301 A.D. to recent
experiments in Sweden. Several essays deal with controls during the
two world wars, when some form of control was adopted by most of
the industrialized countries. It includes articles by both critics
of controls such as Milton Friedman to defenders such as John
Kenneth Galbraith. Several are written by scholars who worked as
high-level administrators of the programs they discuss. The book
will be an essential reference source for both economists and
economic historians with an interest in the price system and the
functioning of a market economy.
General
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