THE END OF PRICE CONTROL POLICIES.

THE END OF PRICE CONTROL POLICIES. Samuelson points out that until Paul Volcker brought an end to inflation with monetary policy, “…inflation had frustrated every president since Lyndon Johnson and had defied successive voluntary and mandatory wage-price controls.” Kids, from the time I was a graduate student in the early 1960’s, there was an extensive literature on price control policies, sometimes known as “incomes policies.” There were a series of price control regimes in the United States and there were various regimes in Europe. Then, suddenly, in about 1982, price controls stopped being proposed or discussed in Europe and the United States.