Young, Dr. John
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This address begins with a series of questions, the first one being "What price, then, must we pay for price stability?" and continuing, "What will it cost us individually and, as a nation, to bring the present inflation under control?" "And once this inflation has been brought under control, what would it cost us over the long run to stay out of the next inflation, and the next inflation after that?" The continuing endless debate on the costs or benefits of reasonable price stability over the long run. A detailed discussion and history of inflation as experienced in Canada and in other countries. How the present inflation can be brought to an end. Views of the Prices and Incomes Commission. The Commission's exploration of the possible ways of reducing the potential loss of production and jobs as inflation is brought under control during the period immediately ahead. A description of the Commission's restraint programme with relatively modest economic objectives. Illustrating for the public one of many examples of how an entrenched, pervasive inflation is reflected in the wage and price behaviour of one among many industries. Undertaking a fact-finding study of price, wage and other cost increases in the Canadian steel industry. Different approaches to the problem. The need for widespread acceptance in the community and the active co-operation of as many Canadians as possible, if any course of action is to have constructive and practical results.