Wage and Price Control Law and Legal Definition
Wage and price control is a system in which wages and prices are limited to some low percentage of growth through government regulation, until they are deemed to be under control. Some governments mandate wage and price controls. By doing so, they restrict economic activity and curtail economic freedom. Therefore, the more a government intervenes and controls prices and wages, the lower its economic freedom.
Examples of wage and price control include:
- Minimum wage laws
- Freedom to set prices privately without government influence
- Government price controls
- The extent to which government price controls are used
- Government subsidies to businesses that affect prices
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