who sets the price of goods and services in a market economy
Price controls
The National Board for Prices and Incomes was created by the government of Harold Wilson in 1965 in an attempt to solve the problem of inflation in the British economy by managing wages and prices . The Prices and Incomes Act 1966 c. 33 affected UK labour law , regarding wage levels and price policies . It allowed the government to begin a process to scrutinise rising levels of wages ( then around 8 % per year ) by initiating reports and inquiries and ultimately giving orders for a standstill . The objective was to control inflation . It proved unpopular after the 1960s . United
The National Board for Prices and Incomes was created by the government of Harold Wilson in 1965 in an attempt to solve the problem of inflation in the British economy by managing wages and prices . The Prices and Incomes Act 1966 c. 33 affected UK labour law , regarding wage levels and price policies . It allowed the government to begin a process to scrutinise rising levels of wages ( then around 8 % per year ) by initiating reports and inquiries and ultimately giving orders for a standstill . The objective was to control inflation . It proved unpopular after the 1960s . United