Price-Fixing as Seen by a Price-Fixer

Taussig, F. W.

doi:10.2307/1884733

Cited by 21 publications

(9 citation statements)

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“…For this study, secondary data of monthly prices and quantity data was collected from market of onion, tomato and potato of last two years (2012 and 2013). Data were collected from various sources including, vegetable market committee Hyderabad, Government of Sindh and vegetable wholesale market Hyderabad Sindh [21,23].…”

Section: Data Collectionmentioning

confidence: 99%

Price Flexibility and Seasonal Variations of Major Vegetables in Sindh Pakistan

Noonari¹,

NM²

2015

J Food Process Technol

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Vegetable cultivation is the most important strategy to reduce poverty as well as to overcome food security problems due to small landholdings and sufficient labour force availability in the rural areas of Pakistan. The results showed that the demand was almost elastic for potato, tomato and onions while there was flexible price trend appeared in the production. Prices on agricultural products are mostly determined by supply and demand. The results of the study showed that erratic price fluctuations both cyclical and seasonal are observed every year. The effect of overall economic fluctuations are overlaid on a pattern of good and bad harvests, so that an analysis of the effect of a fall in demand on price and output must take account of variations in crop size due to solely the weather. Price fluctuation of these four vegetables is its seasonal character. In the post-harvest period the prices are considerably at lower side whereas in the lean season these are quite high. Thus, from the farmers' point of view they are denied of reasonable prices for their produce during post-harvest period on the consumer's side they are to pay high prices during lean season. Hence, while making a policy towards prices of the vegetables Government should increase the supply in the market by import that commodity from other markets or neighboring countries in non-harvesting seasons as well as the area and production may also increase by using new technology, high yielding seed varieties.

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Section: Data Collectionmentioning

confidence: 99%

Price Flexibility and Seasonal Variations of Major Vegetables in Sindh Pakistan

Noonari¹,

NM²

2015

J Food Process Technol

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“…The First World War had just ended when Frank Taussig (1919) published his 'Price Fixing as Seen by a Price-Fixer,' an account of his experience as President Wilson's price controller during the conflict. Two years later, in 1921, Pigou gave his own opinions based on his experience in Great Britain, dedicating a chapter of The Political Economy of War to the issue of price controls.…”

Section: Galbraith's Bookmentioning

confidence: 99%

The Theory of Price Controls: John Kenneth Galbraith's Contribution

Laguérodie

Vergara²

2008

Review of Political Economy

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Price controls have always aroused controversy. Before the Second World War, most economists saw them as either impossible to implement or unwise. Even during wartime it was widely believed that prices should remain as free as possible. Many economists saw benefits to price controls during the war, but also identified numerous costs to these controls. They also tended to favor limited price controls, applying to only those goods needed to fight the war. John Kenneth Galbraith was generally sympathetic to price controls during the war. He too supported limited controls, but then changed his mind and supported more extensive price controls during the Second World War. After the war, inflation tended to reappear long before full-employment was reached, even when production and employment were falling. From his wartime experiences, Galbraith tried to draw lessons for peacetime inflation. He proposed price and wage monitoring for a few hundred big companies and the unions with whom they negotiate.

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“…The government ought to intervene, at least at times, because markets simply didn't work very well. Frank W. Taussig (1919Taussig ( , 1921, another prominent economist of the day, argued that supply and demand were simply general tendencies, useful as a simplification for teaching to the young, but not something to be relied upon to allocate resources. Taussig had been an advocate of regulation before the war; he was not a born again regulator.…”

Section: The Ideological Legaciesmentioning

confidence: 99%

Until it's Over, Over There: The U.S. Economy in World War I

Rockoff¹

2004

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The process by which the US economy was mobilized during World War I was the subject of considerable criticism both at the time and since. Nevertheless, when viewed in the aggregate the degree of mobilization achieved during the short period of active US involvement was remarkable.The United States entered the war in 1917 having made only limited preparations. In 1918 the armed forces were expanded to include 2.9 million sailors, soldiers, and marines; 6 percent of the labor force in the 15 to 44 age bracket. Overall in 1918, one fifth or more of the nation's resources was devoted to the war effort. By the time the Armistice was signed in 1919 a profusion of new weapons was flowing from American factories. This essay describes how mobilization was achieved so quickly, including how it was financed, and some of the long-term consequences. More exotic forms of controls, such as the Priorities System developed by the War Industries Board, probably were put in place too late to have much effect. Nevertheless, the halo created by successful conversion of the economy and victory on the battlefield gave these brief experiments with non-market controls an enduring authority that shaped economic policy for years to come.Here, for those who find it helpful, is the roadmap. Section 1 presents the chronology of American involvement, and contrasts the World War I expansion with previous expansions. (A list of key dates is contained in the chronology at the end of the paper.) Section 2 describes how resources were mobilized and allocated to the war sector.Section 3 on the financing of the war, is divided into three parts: monetary policy, fiscal policy (taxes), and debt policy.Section 4 discusses the War Industries Board and other government agencies that were charged with regulating prices and production. Section 5 discusses the production of munitions. Section 6, the concluding section, on the legacies of the war for the United States, is divided into three parts: the costs of the war in terms of resources, the impact of the war on the role of the United States in international capital markets, and the institutional and ideological legacies of the war.

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Price-Fixing as Seen by a Price-Fixer

Cited by 21 publications

References 0 publications

Price Flexibility and Seasonal Variations of Major Vegetables in Sindh Pakistan

Price Flexibility and Seasonal Variations of Major Vegetables in Sindh Pakistan

The Theory of Price Controls: John Kenneth Galbraith's Contribution

Until it's Over, Over There: The U.S. Economy in World War I

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