TITLE

STEEL, ADMINISTERED PRICES AND INFLATION

AUTHOR(S)
Adelman, M.A.
PUB. DATE
February 1961
SOURCE
Quarterly Journal of Economics;Feb61, Vol. 75 Issue 1, p16
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article focuses on inflation and price regulation in the U.S. economy, with emphasis on the steel industry. Much or most of current debate on inflation emphasizes not aggregates and economy-wide forces, but rather the policies of unions and business firms. This implies that unions and business concerns have so much discretion or power to raise prices and wages that they can choose to inflate or not to inflate. U.S. President Dwight D. Eisenhower has stated that the government alone cannot keep a stable economy and there has got to be in a free economy statesmanlike action on the part of all business elements, businessmen, and labor. The steel industry may best be viewed as a set of separate but highly interdependent markets. Concentration has always been high, though it has persistently declined, as would be expected if prices were usually maintained above long-run marginal cost and sometimes far above short-run marginal cost, providing an incentive, strong or weak, depending on the point in the business cycle, for smaller producers to grow at the expense of larger.
ACCESSION #
7703168

 

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