Editing Incomes policy (section)

{{Short description|Economy-wide wage and price controls}}
'''Incomes policies''' in [[economics]] are economy-wide [[wage]] and [[price controls]], most commonly instituted as a response to [[inflation]], and usually seeking to establish wages and prices below [[free-market]] level.<ref name="rothbard">	 
{{cite web	 
| last = Rothbard	 
| first = Murray
| title = Price Controls Are Back!	 
| work = Making Economic Sense		 
| url = http://freedomkeys.com/pricecontrols5.htm	 
| access-date = 2008-11-03 }}</ref> 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,<ref name="gmu">	 
{{cite web	 
| title = The Maximum	 
| work = [[George Mason University]]		 
| date = 29 September 1793		 
| url = http://chnm.gmu.edu/revolution/d/415/	 
| access-date = 2008-11-03 }}</ref> and such measures were also attempted after [[World War II]]. Peacetime income policies were resorted to in the U.S. in August 1971 as a response to inflation. The wage and price controls were effective initially but were made less restrictive in January 1973, and later removed when they seemed to be having no effect on curbing inflation.<ref name="pbs">	 
{{cite news	 
| last = Yergin	 
| first = Daniel
|author2=Joseph Stanislaw	
| title = Nixon Tries Price Controls	| work = Commanding Heights	 | date = 1997	 | url = https://www.pbs.org/wgbh/commandingheights/shared/minitextlo/ess_nixongold.html	 
| access-date = 2008-11-03 }}</ref> Incomes policies were successful in the United Kingdom during World War II but less successful in the post-war era.<ref>[http://www.hegemonics.co.uk/docs/Incomes-Policy-Hegemony-1970s.pdf The Wages of Militancy: Incomes Policy, Hegemony and the Decline of the British Left] By David Purdy, 2006</ref>