THE ECONOMY: Guideposts for Hardhats

In his battle against inflation, President Nixon has shunned the ultimate weapon of a wage-price freeze. "Such controls treat symptoms and not causes," he has argued. Besides, he says, they do not work, are inequitable and incompatible with a free economy. Last week Nixon bent his principles to fight raging inflation in the nation's largest industry. Carefully avoiding rigid controls, the President imposed what he called a largely voluntary "system of constraints" designed to stall the wage-price buildup in construction.

Although the constraints may very well fail, Nixon picked the right target....

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