President Richard Nixon’s peacetime wage and price controls were less than a year old when Milton Friedman used the teachable moment to discuss “governmental price fixing” in a course of his at the University of Chicago.
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Spring, 1972
Economics 496
Selected Topics in Contemporary Economic Problems
Dr. M. Friedman
Reading List
General Note: The special topic that will be considered this semester is governmental price fixing. We shall examine three general categories of price fixing: fixing of prices of specific commodities or services; general price and wage controls; fixing of exchange rates. The basic theoretical tools required to analyze these problems have presumably been studied in courses in price theory, monetary theory, and income and employment theory but will be reviewed in class lectures. This reading list therefore covers mostly applied material.
I. Fixing of Specific Prices
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HD1761 |
Houthakker, Hendrik, Economics Policy for the Farm Sector, American Enterprise Institute, 1967 |
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HD1761 |
Paarlberg, Don, American Farm Policy, Wiley, 1964 |
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HB171.5 |
Alchian, A. & Allen, W., University Economics, pp. 92-99, 402-404 |
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HD4918 |
Peterson, J. M. & Stewart, C T. Employment Effects of Minimum Wage Rate, American Enterprise Institute, 1969 |
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HD4918 |
Friedman, M. & Brozen, Y. The Minimum Wage Rate, Who Really Pays? |
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HC106.5 |
Burns Arthur F., The Management of Prosperity, pp. 45-48
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II. General Wage and Price Controls
| Campbell, Colin (ed.), Wage Price Controls in World War Il, U.S. and Germany, American Enterprise Institute | |
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HB |
Ullman, I. & Flanagan, R. J. Wage-Restraints: Study of Incomes Policies in Western Europe, University of California Press, 1971 |
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HC106.5 |
Shultz, G. P. & Aliber, R. Z. (eds.), Guidelines, Informal Controls, and the Market Place, University of Chicago Press |
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HB236 |
Galbraith, J. K., A Theory of Price Control. Harvard University Press, Cambridge 1952 |
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HB236 |
Hardy, C. O., Wartime Control of Prices, Washington, Brookings Institute, 1940 |
| Wallis, W. A., How to Ration Consumers’ Goods and Control Their Prices, American Economic Review, Sept. 1942, pp. 501-512 | |
| Gorter, W. & Hildebrand, G. H., “Is Price Control Really Necessary?” American Economic Review, March 1951, pp. 77-81 |
III. Control of Exchange Rates
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HG3883 |
Friedman, M. & Roosa, R. L., The Balance of Payments: Free vs. Fixed Exchange Rates |
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HB33 |
Friedman, M., “The Case for Flexible Exchange Rates,” Essays in Positive Economics, University of Chicago Press |
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HG538 |
Friedman, M., Dollars and Deficits |
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HG3821 |
Halm, G. (ed.), Approaches to Greater Flexibility of Exchange Rates, Princeton University Press, 1970 |
Source: Hoover Institution Archives. Milton Friedman Papers. Box 78, Folder 5 “University of Chicago, Econ. 496”.
Image Source: Milton Friedman (undated) from University of Chicago Photographic Archive, apf1-06231, Special Collections Research Center, University of Chicago Library.