I am no economic expert and I agree with the analysis here. But I am smart enough, and did live through Nixon's failed experiment, to know that Harris' stated aim of price-controls is a recipe for driving inflation higher not lower. It feeds the inflation genie and does nothing to help put it back in the bottle where it can do no harm.
I am no economic expert and I agree with the analysis here. But I am smart enough, and did live through Nixon's failed experiment, to know that Harris' stated aim of price-controls is a recipe for driving inflation higher not lower. It feeds the inflation genie and does nothing to help put it back in the bottle where it can do no harm.
Does anybody else remember the failed wage-price control spiral of the 1970s? Weigh in. If I am wrong, educate me, please. I am open to learning something.
I am no economic expert and I agree with the analysis here. But I am smart enough, and did live through Nixon's failed experiment, to know that Harris' stated aim of price-controls is a recipe for driving inflation higher not lower. It feeds the inflation genie and does nothing to help put it back in the bottle where it can do no harm.
Does anybody else remember the failed wage-price control spiral of the 1970s? Weigh in. If I am wrong, educate me, please. I am open to learning something.
You are absolutely correct!
I remember...yes, I'm that old!