Old Doctrines and a New Theory

Andrew Tylecote

Chapter 1 in The Causes of the Present Inflation, 1981, pp 1-24 from Palgrave Macmillan

Abstract: Abstract The language of economics is littered with the husks of dead theories. Words have their modern meanings, but their outer forms embody the ideas of the economists who first used them. Often that does no harm, but there are some words which act as carriers for old theories, slipping them unseen into our thoughts, where they stay unnaturally alive. I shall have to use three of these vampire words again and again: inflation, deflation, reflation. The best protection, the economist’s garlic and crucifix, is a cold clear definition of the word, and a warning of what theory lurks within.

Keywords: Real Wage; Profit Margin; Wage Increase; Neoclassical Economist; Union Sector (search for similar items in EconPapers)
Date: 1981
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-06416-8_1

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DOI: 10.1007/978-1-349-06416-8_1

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