Incomes Policy: Some Lessons from Abroad
Abstract
This paper reviews the experience of incomes policy in Great Britain
and the United States. It has been shown that such a policy has
succeeded under some conditions, while it has failed under certain
others. In the Indian situation, the characteristics of the economy
make the formulation and implementation of incomes policy far more
complicated than has been the case in Britain and the United
States. Nevertheless, the author considers it necessary to evolve an
incomes policy since the alternative to it is chaos in the incomes
structure.
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