Price freeze
Sir,—Mr Burdon’s comment on the freeze (“The Press,” June 18), like his analysis of Think Big to Young Nationals, is fatuous. Mr Nicholl, chief economist of the Reserve Bank (“The Press, March 22), said “the underlying economic influences already present before the freeze contributed to the moderation of price rises. Import price rises slowed, monetary and credit growth were reduced sharply, and real economic activity was flat.” Mr Burdon’s analysis would find favour in the communist bloc countries. The New Zealand Steel expansion will need massive import protection and subsidies to survive. Users of steel, coal, and electricity will pay higher prices as a consequence of the steel expansion, and New Zealand industry will be less efficient. Brazil and Poland embarked on Think Big projects and are now struggling to survive economically. — Yours, etc., C. E. SMITH. June 20, 1984.
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Press, 21 June 1984, Page 14
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142Price freeze Press, 21 June 1984, Page 14
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