Word: diocletian
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Dates: during 1950-1959
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...Price-fixing," he said, ". . . discourages production and stimulates consumption, and the latent inflation may do more damage when it breaks out later than if it had been allowed to run its course in the first place . . . Price-fixing has always failed, from Diocletian* to Truman . . ." Free prices "provide the best method of stimulating production of the things that are really needed, and of restricting consumption of the things that are in short supply." To Leffingwell, frozen wages are no better than frozen prices: they "tend to retard the movement of men from nonessential to essential jobs ... I do not believe...