An Incomes Policy for the United States New Approaches
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CONTRIBUTORS
Martin Bronfenbrenner, Visiting Scholar, Federal Reserve Bank of San Francisco and Duke University. Michael P. Claudon, Associate Professor of Economics, Middlebury College. David Colander, Visiting Fellow, Nuffield College, Oxford University. Richard R. Cornwall, Associate Professor of Economics, Middlebury College. Abba P. Lerner, Professor of Economics, Florida State University. Thomas Mayer, Professor of Economics, University of California, Davis. William D. N ordhaus, Professor of Economics, Yale University, formerly on President Carter's Council of Economic Advisors. Mancur Olson, Professor of Economics, University of Maryland. Samuel Rosenberg, Professor of Economics, University of California, Davis. Isabel V. Sawhill, Director, Research on Employment and Labor Policies, The Urban Institute. Laurence S. Seidman, Pennsylvania.
Professor
of Economics,
University
of
John Sheahan, Professor of Economics, Williams College. Sidney Weintraub, Professor of Economics, University of Pennsylvania.
AN INCOMES POLICY FOR THE UNITED STATES: New Approaches Edited by Michael P. Clandon Richard R. Cornwall
Springer-Science+Busin ess Media, B.V.
Library of Congress Cataloging in Publication Data Main entry under title: An Incomes Policy for the United States. "Consists of severa! of the papers presented at the first annual conference on economic issues held at Middlebury College in April, 1979." Bibliography: p. 1. Wage-price policy- United States- Congresses. I. Claudon, Michael P. II. Cornwall, Richard. HC110. W24I52 339.5'0973 80-13334 ISBN 978-94-009-8765-4 ISBN 978-94-009-8763-0 (eBook) DOI 10.1007/978-94-009-8763-0 Copyright © 1981 by Springer Science+Business Media Dordrecht Originally pub1ished by Martinus NijhoffPublishing in 1981 Softcover reprint of the hardcover 1st edition 1981 No part of this book may be reproduced in any form by print, photoprint, microfilm, or any other means, without written permission from the publisher.
CONTENTS
Introduction Richard R. Cornwall and Michael P. Claudon
I
A CALL FOR A NEW APPROACH
1 TIPs against Inflation Sidney Weintraub
II
1
7
RATIONALES FOR ANTI-INFLATION POLICIES USING DECENTRALIZED INCENTIVES
2 "Incentives-Based" Stabilization Policies and the Evolution of the Macroeconomic Problem Mancur Olson
37
3 Tax- and Market-Based Incomes Policies: The Interface of Theory and Practice David Colander
79
v
vi
CONTENTS
III
SPECIFIC PROPOSALS
4 There Is a Cure for Inflation
Abba P. Lerner and David Colander
5 Insurance for Labor under a Tax-Based Incomes Policy Laurence S. Seidman
6 Tax-Based Incomes Policies: A Better Mousetrap? William D. Nordhaus
IV
101 109 135
EVALUATION AND CRITICISM
7 Incomes Policies in an Open Economy: Domestic and External Interactions John Sheahan
8 Incomes Policy: The "TIP" of the Iceberg Samuel Rosenberg
9 Innovative Incomes Policies: A Skeptic's View Thomas Mayer
V
155
175 197
COMPLEMENTS TO DECENTRALIZED ANTI-INFLATION SCHEMES
10 Labor Market Policies and Inflation Isabel V. Sawhill
11 Some Negl
