Business: Infatuation with Controls

While wage and price controls are still anathema to the vast majority of economists and White House policymakers, a rising chorus is beginning to demand their imposition. Senator Edward Kennedy has centered the economic proposals of his presidential campaign on a six-month wage and price freeze. Barry Bosworth, who directed the Carter inflation guidelines program for two years, now favors mandatory controls. Even a number of conservatives are reluctantly swinging toward controls. Brookings Institution President Bruce MacLaury now supports wage and price restrictions, and Wall Street Banker Henry Kaufman says controls can...

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