Ask Prof Wolff: The Impacts of a Wage-Price Freeze

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Patron of Economic Update asks: "My question is about the wage-price freeze concept. If we are to assume that workers would have their wages frozen after decades of stagnated real wage growth and a collapse in purchasing power and we freeze prices how they currently are, then how would workers be able to pay for necessities when such a huge gap in wages and prices exist? Isn’t the problem that wages are so low that we cannot afford rent, buy a week’s worth of food, pay our bills, or stay out of default on student loans (of which I am in real danger of doing)? What would the effect be if we implemented a price freeze but left wages alone?"

This is Professor Richard Wolff's video response.

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Showing 1 comment

  • Edward Dodson
    commented 2022-08-03 13:08:16 -0400
    Mandating a price freeze on domestically-produced goods and services is certainly possible. However, the cost of imported goods could not be controlled. Would this not require a broad international agreement between nations?

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