The 50-Year Legacy of George Shultz: The Public Entrepreneur who Terminated Wage-Price Controls
References
- Anthony, Robert N. 1960 The Trouble with Profit Maximization, Harvard Business Review, 38 (November-December), pp. 126-134
- Arenson, Karen W. The New Economics View: From the Supply Side. New York Times. March 5, 1981 https://www.nytimes.com/1981/03/05/business/the-new-economics-view-from-thesupply-side.html accessed 5/26/2024
- Baumol, William J. 1993. Entrepreneurship, Management, and the Structure of Payoffs. Cambridge, Mass.: The MIT Press.
- Bernier, L., & Hafsi, T. (2007). The changing nature of public entrepreneurship. Public Administration Review, 67(3), 488–503. DOI:10.1111/J.1540-6210.2007.00731.X
- Beyers, J. and S. Arras. 2020. “Who feeds information to regulators? Stakeholder diversity in European Union regulatory agency consultations.” Journal of Public Policy 40: 573–598.
- Breton, Albert and Wintrobe, Ronald. 2008. The Logic of Bureaucratic Conduct. Cambridge: Cambridge University Press.
- Burns, Arthur. 2010. Inside the Nixon Administration: The Secret Diary of Arthur Burns, 1969-1974. Robert Ferrell, ed. University Press of Kansas: Lawrence, KS.
- Carpenter DP, Lewis DE (2004) Political learning from rare events: Poisson inference, fiscal constraints, and the lifetime of bureaus. Political Analysis 12(3): 201–232. doi.org/10.1093/pan/mph016
- Congleton, R. (1982). A Model of Asymmetric Bureaucratic Inertia and Bias. Public Choice, 39(3), 421–425. http://www.jstor.org/stable/30023634 or DOI:10.1007/BF00118798
- Connally John. 1973. In History’s Shadow: An American Odyssey. Hyperion: New York, NY.
- Downs, Anthony. 1967. Inside Bureaucracy Boston Little Brown and Co.
- Dunlop, John. 1973. “News” (release for June 24, 1973). Economic Stabilization Program: Cost of Living Council News. Washington D.C.: U.S. Cost of Living Council (Office of Public Affairs).
- Graham, Bradley. 2009. By His Own Rules. New York: Public Affairs (Perseus Book Group)
- Grayson, C. Jackson. 1974. Confessions of a Price Controller. Dow Jones-Irwin, Inc. Homewood Illinois
- Kalmenovitz, Joseph and Lowry, Michelle B. and Volkova, Ekaterina, Regulatory Fragmentation (January 15, 2024). Forthcoming, Journal of Finance, Available at SSRN: https://ssrn.com/abstract=3802888 or http://dx.doi.org/10.2139/ssrn.3802888
- Klüver, H. (2012). Informational Lobbying in the European Union: The Effect of Organisational Characteristics. West European Politics, 35, 491 - 510. DOI:10.1080/01402382.2012.665737
- Kornai, J., Maskin, E. and Roland, G., 2003. Understanding the soft budget constraint. Journal of economic literature, 41(4), pp.1095-1136. DOI: 10.1257/002205103771799999
- Larochelle, Ryan (2024). “A Mission Without Precedent”: The Rise and Fall of the Office of Economic Opportunity, 1964–1981”. Journal of Policy History. 36 (1): 1–33. doi:10.1017/S0898030623000313.
- Lewis DE (2002) The politics of agency termination: Confronting the myth of agency immortality. Journal of Politics 64(1): 89–107. Doi/10.1111/1468-2508.00119
- Lim, Jae Young. 2021. The evolution of research on organizational termination International Review of Administrative Sciences, 87, (1), (March) 191-207 DOI:10.1177/0020852319852663
- Meyer, Jack. 1982. Wage-Price Standards and Economic Policy. Washington D.C.: American Enterprise Institute.
- Mintrom, M. (1997). Policy Entrepreneurs and the Diffusion of Innovation. American Journal of Political Science, 41(3), 738–770. https://doi.org/10.2307/2111674
- Niskanen, William A. 1971. Bureaucracy and Representative Government. Chicago: AlineAtherton.
- Ostrom, E. (1998). A Behavioral Approach to the Rational Choice Theory of Collective Action: Presidential Address, American Political Science Association, 1997. The American Political Science Review, 92(1), 1–22. doi.org/10.2307/2585925
- Peltzman, S. 2022. “The theory of economic regulation” after 50 years. Public Choice 193, 7–21 doi.org/10.1007/s11127-022-00996-0
- Peters BG, Hogwood BW (1988) The death of immortality: Births, deaths, and metamorphoses in the U.S. federal bureaucracy 1933–1982. American Review of Public Administration 18(2): 119–133. doi.org/10.1177/027507408801800202
- Rigby, J. (1979). The Administration of Economic Controls: The Economic Stabilization Act of 1970. Case Western Reserve law review, 29, 458. Corpus ID: 156877702
- Roberts, N.C. 1992. Public Entrepreneurship and Innovation. Policy Studies
- Rumsfeld, Donald. 1972. Press Conference on Removal of Small Business Exemption as it Applies to Firms in the Lumber Industry. Cost of Living Council (July 17, 1972. Room 2008, New Executive Bldg., Washington, D.C.
- Rumsfeld, Donald. 2011. Known and Unknown: A Memoir. New York: Sentinel.
- Safire, William. 1975. Before the Fall: An Inside View of the Pre-Watergate White House. Belmont Tower Books: New York, NYShultx & Dam
- Rycroft, Robert. 1978. Bureaucratic Performance in Energy Policy Making: An Evaluation of Output Efficiency and Equity in the Federal Energy Administration. Public Policy 26 (4) (Fall)
- Satterthwaite, Franklin B. 1975. The Making of the Price Commission: An Administrative Study of a Temporary Government Unit Designed to Meet and Emergency. Yale University Ph.D. in Sociology. Available from Xerox University Microfilms, Ann Arbor, Michigan 48106
- Schelling, Thomas C. 1982. Establishing Credibility: Strategic Considerations. AEA Papers and Proceedings 72 (2) pp. 77-80
- Shultz, George and Kenneth Dam. 1977. Economic Policy Beyond the Headlines.
- Staats, Elmer B., ed. 1974. Information on Enforcement of Price Controls: Cost of
- Stanley, Laura, Thomas D. Hopkins, Benjamin Miller. 2014. Mercatus website @ https://www.mercatus.org/students/research/research-papers/legacy-council-wage-andprice-stability (accessed July 5, 2024)
- Stein, Herbert. 1984. Presidential Economics: The Making of Economic Policy from Roosevelt to Reagan and Beyond. Simon & Schuster: New York, N.Y.
- Tadelis, Steven. 2002. The Market for Reputations as an Incentive Mechanism. Journal of Political Economy 110 (4): 854-881. doi.org/10.1086/340781
- Taylor, John B. 1982. Establishing Credibility: A Rational Expectations Viewpoint. AEA Papers and
- Tullock, G. (1965). The Politics of Bureaucracy. Washington, D.C.: Public Affairs Press.
- U,S. Department of the Treasury (Office of Economic Stabilization) (USDOT). 1974. Historical Working Papers on the Economic Stabilization Program: August 15, 1971, to April 30, 1974, parts I-III. Andrew Munroe, ed.
- U.S. Joint Economic Committee (USJEC). 1973. “The Cost of Living.” Hearings of the 93rd Congress. 1st session (March 21; April 4; May 8, 22, and 23, 1973). Washington, D.C.: Government Printing Office.
- U.S. Joint Economic Committee (USJEC). 1971. The President’s New Economic Program. Hearings of 92nd Congress. (Part 1: August 19, 20, and 23, 1971. Part 2: August 30 and 31, September 1 and 3, 1971. Part 3: September 9, 13, 15, and 17, 1971). U.S. Government Printing Office: Washington, D.C.
- Walker, William N. 2011. Forty Years After the Freeze. https://nixonswageandpricefreeze.wordpress.com/2011/07/14/nixon-wage-and-pricefreeze/ (accessed on 5 November 2021).
- Weber, Arnold. 1973. In Pursuit of Price Stability: The Wage-Price Freeze of 1971. Studies in WagePrice Policy. The Brookings Institution: Washington, D.C.
- Weber, Arnold R. and Daniel Mitchell. 1978. The Pay Board’s Progress: Wage Controls in Phase II. Studies in Wage-Price Policy. The Brookings Institution: Washington, D.C.
- Winston, C.M. (1993). Economic Deregulation: Days of Reckoning for Microeconomists. Journal of Economic Literature, 31, 1263-1289. Corpus ID: 153133388
- Wu. Tim, The Master Switch: The Rise and Fall of Information Empires, New York: Knopf, 2010, (ISBN 0307269930, ISBN 978-0-307-26993-5). Cf. pp.187-197, p.177, & various.
Language: English
Page range: 37 - 51
Submitted on: Dec 1, 2025
Accepted on: May 1, 2026
Published on: Jun 29, 2026
Published by: Association Holistic Research Academic (Hora)
In partnership with: Paradigm Publishing Services
Publication frequency: 2 issues per year
Related subjects:
© 2026 Brian D. Fitzpatrick, Michael M. Tansey, Shahid I. Ali, published by Association Holistic Research Academic (Hora)
This work is licensed under the Creative Commons Attribution 4.0 License.