Concept information
Preferred term
price and wage controls
Definition
- Wage and price controls are government policies designed to restrict the movement of wages and prices to their natural equilibrium market values. In a free market, prices tend toward an equilibrium value that equates the supply of a good or service with its demand. [Source: The Encyclopedia of Political Science; Price and Wage Controls]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/price_and_wage_controls
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