Attempts by government to control prices and incomes directly, by persuasion or law. Such policies are distinguished from influencing prices and wages through monetary and fiscal policies, or setting prices by acting as a buyer or seller in particular markets. The existence of administrative costs cause prices and incomes policies to either set some important prices and leave others to the market, or set limits on price increases. Either alternative produces distortions in the structure of relative prices, and becomes increasingly difficult to enforce as time passes.