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Full Employment without Inflation: Lessons from the Emergency Price Control Act of 1942
Between 1942 and January 1946, national output more than doubled, unemployment dipped below 2 percent, and real civilian consumption increased by 50 percent. Yet thanks to an across-the-board price freeze, prices rose merely 3.3 percent per year. What lessons can we draw from the initial failures and ultimate success of this stabilization program?