18. The Cures For Inflation
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19. The Economic Effects of Wage and Price Controls
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20. Summary and Conclusion
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Appendix A: The Wage and Price Control Statutes From the Code of Hammurabi
Appendix A
The Wage and Price Control Statutes From the Code of Hammurabi
The Code of Hammurabi was promulgated in Babylon approximately 4,000 years ago (the exact date is uncertain; the best estimate for the conckidingyear of the king’s reign is 2150 B.C.). The text is from The Hammurabi Code and the Sinaitic Legislation by Chilperic Edwards (Kennikat Press, N.Y., 1904, pp. 67–73). Provisions which do not refer to price and wage controls have been omitted, hence the gaps in the numbering of the clauses.
Appendix B: The Edict of Diocletian Fixing Maximum Prices and Wages
Appendix B
The Edict of Diocletian Fixing Maximum Prices and Wages
This remarkable document exists in no French or German and in only one almost complete English translation* which is presented here. The preamble is published almost in its entirety and a representative sample of the more than one thousand individual prices and wages is appended to it.
Appendix C: A Tax-Based Incomes Policy (TIP): What’s It All About?
Appendix C
A Tax-Based Incomes Policy (TIP):
Appendix D: An Analysis of President Carter’s Wage-Insurance Plan
Appendix D
An Analysis of President Carter’s Wage-Insurance Plan
On October 24, 1978, President Carter announced the latest phase of his anti-inflation campaign. In doing so, he sketched the outline (without precise details) of a new proposal. This was his wage-insurance plan, which would have to be enacted into law by the Congress since it would alter current tax laws. Two Walker Fellows in Economics at The Heritage Foundation (Eugene McAllister and Andrew Chalk) have written a brief analysis of this plan which appears below.
Selected Bibliography
Selected Bibliography
Ackley, Gardner, “Roles and Limits of Incomes Policy,” Oriental Economist, Vol. 42, April 1974, pp. 18–24.
*American Enterprise Institute, A New Look at Inflation: Economic Policy in the Early 1970s, American Enterprise Institute, Washington, D.C., 1973. (Presents the diverse opinions of distinguished scholars on developments in the American economy since the institution of direct wage and price controls in August 1971.)
