Word: priced
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Dates: during 1960-1969
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Should there be wage-price guidelines...
HELLER: If you are inveighing against sin and asking the top business and labor leaders not to sin, you have to define sin. That means some kind of White House specification of what is and what is not in the national interest in terms of price and wage decisions. Exhortation or purely moral suasion will not work. That is an open-mouth policy without any teeth...
SPRINKEL: There has not been, nor do I think there should be any attempt to interfere directly in individual price or wage decisions. Such efforts do not work. They have not worked in this country, and they have not worked abroad...
SPRINKEL: Arm twisting can prevent certain prices from going up, or even force them down. The Government has lots of ways of forcing businessmen to act as it prefers. But does that mean that it really contributes to controlling inflation? Is there any reason to believe that less total spending will occur as a result of reducing any particular price in the economy? My answer is no. If we spend less in one area, we are likely to spend more in another area...
HELLER: There is no earthly way-maybe there is a heavenly way-to achieve price stability or to disinflate without knocking people out of jobs. When you talk about moving from, say, 3.5% to 4.5% unemployment, that means an other 830,000 people will be knocked out of work. They are not likely to be the skilled and the semiskilled and the strong. They will probably be those workers who are the weakest links in the employment chain, potentially the most disruptive links in the social and political chain...