Oireachtas Joint and Select Committees

Wednesday, 10 November 2021

Committee on Budgetary Oversight

Inflation: Discussion

Dr. Ella Kavanagh:

I will speak about what we can we do at this moment. I would not recommend price and wage controls. I do not believe that system, in particular price controls, works because we would just be trying to keep a lid on prices. Given the fact that prices are externally determined anyway, controls would be difficult to impose. Since we are operating in a market economy, it would be difficult to do.

I will pass over to Professor Whelan and give the Deputy's question a little more thought, if possible.