:Histories of American economic policymaking after World War II often describe a “Fiscal Revolution,” in which Keynesian macroeconomic tools replaced the microeconomic regulations and reforms of the New Deal. This article challenges that narrative by demonstrating how the Keynesian economists responsible for the Fiscal Revolution relied upon incomes policies to ensure that inflation would not sabotage efforts to achieve full employment. In the 1960s, the White House Council of Economic Advisers pressed the Kennedy and Johnson administrations to enforce “wage-price guideposts” in order to realize the potential of the Fiscal Revolution. Yet incomes policies also encouraged policymakers to deflect responsibility for inflation onto the private sector’s behavior as an alternative to adopting the painful but necessary fiscal and monetary restraint. As a reliance on the microeconomic control of inflation persisted into the late 1970s, this approach ultimately undercut the Keynesians’ macroeconomic promises and prolonged the misery of stagflation.

中文翻译：

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假设直接控制：战后美国收入政策的迷人魅力

: 二战后美国经济决策的历史经常描述一场“财政革命”，其中凯恩斯主义的宏观经济工具取代了微观经济监管和新政改革。本文通过展示负责财政革命的凯恩斯主义经济学家如何依靠收入政策来确保通货膨胀不会破坏实现充分就业的努力来挑战这种说法。1960 年代，白宫经济顾问委员会敦促肯尼迪和约翰逊政府强制执行“工资价格指南”，以实现财政革命的潜力。然而，收入政策也鼓励政策制定者将通胀责任转移到私营部门的行为上，以替代采取痛苦但必要的财政和货币限制措施。