Other times, other policies

Countries often seek ways to solve old economic problems. One problem that has produced many innovative ideas is controlling inflation.The standard approach to slowing inflation. as we will see. has been for governments to take money carry and fiscal-steps to reduce output and raise Because this is such unpleasant medicine. government often for other methods of approach is called incomes policies and direct control after prices and wages. This approach is widely applied during ~e and sometimes in peacetime emergencies. Incomes policies ranged from wage  in wartime. to less drastic like voluntary wage : and price guidelines used in peacetime. A generation ago many economists thought policies might.be an inexpensive way to reduce inflation. For example. the Nixon administration in 1971 Imposed a set of mandatory wage and price controls ·in the hope that they inflation.

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