Inflation, wages and equality: cross-disciplinary conversations

Paul Edwards, Charles Baden-Fuller, Christopher Pissarides, Jill Rubery, Colin Crouch and Peter Taylor-Gooby

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: Rising inflation and a wave of strikes during 2022 have aroused echoes of the 1970s. In this article, experts from the fields of economics, sociology and social policy consider what has changed, what remains the same, and what the lessons might be – with a notable degree of agreement. Raising wages, particularly for the lower-paid groups in the public sector, is likely to reduce poverty and has a very low risk of generating further price inflation. Giving in on pay will be costly, and may have to be funded by taxes in the short term. In the longer run the only way out of our difficulties will be more effective growth generated through improved productivity.

Keywords: Inflation; poverty; productivity; strikes; trade unions; wages (search for similar items in EconPapers)
JEL-codes: D31 D53 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2023-03-10
New Economics Papers: this item is included in nep-mon
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Published in Journal of the British Academy, 10, March, 2023, 11, pp. 25-41. ISSN: 2052-7217

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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:119966

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