BEFORE Phases I and II, there was no more obdurate opponent of wage and price controls than George Pratt Shultz, the free-marketeering budget director. As one of the Administration's two or three most influential economic policymakers, he counseled President Nixon to pursue a hands-off approach. But when that policy demonstrably failed and the President froze wages and prices last Aug. 15, Shultz, the good soldier, helped set up the control mechanism and defended it against criticism. That kind of loyalty is rare among independent thinkers, and last week Shultz was rewarded....
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