The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Price Control

  • John Kenneth Galbraith
Reference work entry


In modern times price control has been used to keep down food prices, as part of prices and incomes policies, in wartime economic management, to help governments win elections, and to tackle inflation. Along with macroeconomic restraint and specific commodity restraint by rationing, price controls used by the Allies in the Second World War succeeded in countering inflation. The ineffectiveness of price control in Latin America has helped give it a bad name. There are radically different forms of controls in greatly differing contexts; price control should be seen as a diversely applicable policy, sometimes advisable, sometimes not.


Black market Corporations Craft guilds Depressions Fiscal policy Galbraith, J. K. Incomes and prices policy Inflation Latin America Monetary policy Price control Rationing Rent control Second World War Trade unions Wage-price inflation 

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • John Kenneth Galbraith
    • 1
  1. 1.