Price controls against 'profit-led inflation': Lessons from the incomes policy debate.
Why do some economists support price controls in the face of inflation during peacetime? Our thesis is that, in the history of economic thought, understanding the role of profits in inflationary dynamics is the crucial variable. To demonstrate this, we investigate the extensive literature on incomes...
| Publicado en: | Cambridge Journal of Economics Vol. 50; no. 2; pp. 377 - 408 |
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| Formato: | Artículo |
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Oxford University Press / USA
Mar2026
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=192347598&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 192347598 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 0309166X CEC jtl: Cambridge Journal of Economics issn: 0309166X maglogo: N pubinfo: dt: Mar2026 vid: 50 iid: 2 pid: 622 pub: Oxford University Press / USA artinfo: ui: 192347598 10.1093/cje/beag004 ppf: 377 ppct: 31 formats: tig: atl: Price controls against 'profit-led inflation': Lessons from the incomes policy debate. aug: au: Clerc, Basile su: Price inflation Philosophy of economics Macroeconomics Price regulation Incomes policy (Economics) sug: subj: Price inflation Philosophy of economics Macroeconomics Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors Price regulation Incomes policy (Economics) keyword: copyrightHolder:Cambridge Political Economy Society copyrightYear:2026 incomes policy inflation inLanguage:en price controls publisher:Oxford University Press sameAs:https://dx.doi.org/10.1093/cje/beag004 unemployment wage controls copyrightHolder:Cambridge Political Economy Society copyrightYear:2026 incomes policy inflation inLanguage:en price controls publisher:Oxford University Press sameAs:https://dx.doi.org/10.1093/cje/beag004 unemployment wage controls ab: Why do some economists support price controls in the face of inflation during peacetime? Our thesis is that, in the history of economic thought, understanding the role of profits in inflationary dynamics is the crucial variable. To demonstrate this, we investigate the extensive literature on incomes policy, insofar as much of the thinking on macroeconomic price control in peacetime is part of this literature. This corpus is crossed by a major schism: some advocate price and wage controls while others limit control to wages alone. We show that the defence of price controls is always based on the thesis that profits play an autonomous role in inflationary dynamics. Conversely, the advocates of an incomes policy reduced to wage controls see margins as mere transmission belts for excessive wage increases into prices. Price controls are thus rejected ex ante , even before any criticism of the consequences of their application. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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