Modern neoclassical economic theory supports the alternative remedy of reducing the money supply and proposes that monetary inflation is caused by too much money creation by the central bank. United Kingdom The National Board for Prices and Incomes was created by the government of Harold Wilson in 1965 in an attempt to solve the problem of inflation in the British economy by managing wages and prices. The Prices and Incomes Act 1966 c. 33 affected UK labour law, regarding wage levels and price policies. It allowed the government to begin a process to scrutinise rising levels of wages (then around 8% per year) by initiating reports and inquiries and ultimately giving orders for a standstill. The objective was to control inflation. It proved unpopular after the 1960s. United States In the United States, price controls have been enacted several times. The first time price controls were enacted nationally was in 1906 as a part of the Hepburn Act. In World War I the War Industries Board was established to set priorities, fix prices, and standardize products to support the war efforts of the United States. During the 1930s, the National Industrial Recovery Act (NIRA) created the National Recovery Administration, that set prices and created codes of "fair practices". In May 1935, the Supreme Court held that the mandatory codes section of NIRA were unconstitutional, in the court case of Schechter Poultry Corp. v. United States. In 1971, President Richard Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices. The constitutionality of this action was challenged and upheld in the case of The individual states have sometimes chosen to implement their own control policies. In the 1860s, several midwestern states of the United States, namely Minnesota, Iowa, Wisconsin, and Illinois, enacted a series of laws called the Granger Laws, primarily to regulate rising fare prices of railroad and grain elevator companies. California controls the prices of electricity within the state, which conservative economist Thomas Sowell blames for the occasional electricity shortages the state experiences. Sowell said in 2001, "Since the utility companies have been paying more for electricity than they were allowed to charge their customers, they were operating in the red and the financial markets are downgrading their bonds." California's price-setting board agreed to raise rates but not as much as the companies were paying on the wholesale