| 单词 | prices and incomes policy |
| 释义 | prices and incomes policy Attempts by government to control prices and incomes directly, by persuasion or law. Such policies are distinguished from influencing prices and wages through monetary and fiscal policies, or setting prices by acting as a buyer or seller in particular markets. There are far too many prices in a modern economy for the task of setting them all from first principles to be administratively feasible. Prices and incomes policies therefore tend to work either by setting some important prices and leaving others to the market, or setting limits to price increases. Either alternative produces distortions in the structure of relative prices, and becomes increasingly difficult to enforce as time passes. Economists tend to agree that prices and incomes policies cannot in the long run be a substitute for effective monetary, fiscal, and supply-side policies. They disagree about how far prices and incomes policies may help in the short run to gain time for other measures to work, or speed up convergence to equilibrium. |
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