Date of Original Version

8-24-1971

Type

Article

Abstract or Description

A group of economists, including several who have served as advisers to the Nixon administration, criticized the government's decision to freeze wages and prices.

Price and wage controls cannot and will not prevent inflation. For a time, controls hide the effect of inflation from the public and mislead many into believing that something useful has been done. This is an illusion, and the government is playing on the illusion in disregard of its own previous, correct statements.

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Published In

Wall Street Journal.