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pay freeze


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A total standstill on wage rates imposed as part of a prices and incomes policy. This can only be temporary. The structure of wage rates at the moment a freeze is imposed is likely to contain anomalies (due to the exact timing of the wage–price spiral in the period leading up to the freeze) which cause pressure for change. The structure of wages also needs continual adjustment in the face of changes in techniques and tastes in the economy.

Subjects: Economics.


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