Increasingly alarmed over inflation, the American people favor far more drastic economic measures than those prescribed by President Carter and his administration by Congress or by the nation's leading economists.

President Carter's anti-inflation initiatives, recently announced, include voluntary restraint in wage and price rises in the private sector.

The latest nationwide Gallup survey shows a growing number of Americans in favor of wage and price controls. The public votes 50 to 39 percent in support of these controls, compared to 44 to 40 percent just two months ago.

As further proof that the public is willing to take stronger economic medicine, as many (45 percent) favor working toward a balanced budget as favor the proposed tax cut (44 percent), even though many taxpayers in the survey were undoubtedly in the throes of meeting the April 17 tax deadline. It is the view of many that efforts toward balancing the budget will help reduce inflation.

And still further evidence that the public means business is seen in the results of an earlier survey which shows that, when the public is asked whether it is more important to control inflation or to cut taxes, they vote 9 to 1 in favor of controlling inflation.

The latest survey also shows that an increased proportion of Americans hold the view that prices will rise more than income during the next 12 months. More than half, 55 percent, now hold this view, compared to only 9 percent who say income will go up more than prices.

A survey conducted in March showed somewhat less pessimism when 45 percent said prices will go up more than income.

In addition, 50 percent of Americans feel that the economic situation will worsen during the past six months. Only about half [WORD ILLEGIBLE] 27 percent, think it will improve.