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This book examines the phases of the Economic Stabilization Program from 1971 to 1974, analyzing the controls as an "income policy" tool that was part of the U.S. response to inflation. The authors consider the political context and market environment in which controls were administered and take note of the interplay between these factors and the day-to-day problems of administering the controls and adapting their underlying concepts. Although it may be too early to reach final conclusion's about the program's effectiveness, this study should contribute to a better understanding of this experience with controls and establish terms of reference for assessing their influence.

Marvin H. Kosters is a resident scholar at AEI.