Incomes policy

Incomes policies in economics are economy-wide wage and price controls, most commonly instituted as a response to inflation, and usually below market level.[1]
Incomes policies have often been resorted to during wartime. During the French Revolution, "The Law of the Maximum" imposed price controls (by penalty of death) in an unsuccessful attempt to curb inflation,[2] and such measures were also attempted after World War II. Peacetime income policies were resorted to in the USA in the early 1970s as a response to inflation, but were removed within a few years when they seemed to have no effect on curbing inflation.[3] Incomes policies were also unsuccessful in the United Kingdom in the 1970s.[citation needed] However, experience in some other countries, including Australia and the Netherlands, has been more favorable.[citation needed]

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