A War-Time Economy

effort necessitated by the Vietnam war has both general and selective influence on the course of economic events affecting all segments of the US economy. In general, a war-time economy is characterised by a wage- price spiral that feeds on itself unless the government resorts to direct controls. Only last year wage and price controls in any form on account of the US military adventure in Vietnam would have been considered unthinkable. Today both Congress and the Administration talk about the President getting standby authority to enforce these controls after the November elections.