Abstract
As pointed out in the opening section of Chapter 7, the economist typically approaches the problem of designing anti-inflationary policy with a particular model of the inflationary process in-mind and begins by noting that two types of action are possible within the framework of his chosen model. One possibility is to modify the time paths of the data of the model in a favourable way; the other is to modify the structure of the model in a favourable way. In Chapter 7 we were concerned with the first of these two possibilities, and in this chapter and the next we shall be concerned with the second. The second possibility — favourable modification of the structure of the model — itself embraces two sub-possibilities, which go by the names ‘prices and incomes policy’ and ‘manpower policy’. We shall devote this chapter to the former and Chapter 9 to the latter.
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