Inflation

Andrew Glyn

Chapter Chapter 10 in Economics: An Anti-Text, 1977, pp 148-159 from Palgrave Macmillan

Abstract: Abstract The most general meaning of inflation is ‘expansion’. Originally applied particularly to the money supply, inflation came to mean not the expansion of the money supply itself, but rather its supposed effect-a rise in the price level. Now the opposite pattern is occurring, and the term ‘wage inflation’ is continually being used in the press with the deliberate intention of suggesting not just that wages are rising, but also that trade unions are to blame for price increases. Such use of words is clearly a barrier to understanding what inflation — in its commonly accepted meaning of a rise in prices — really represents.

Keywords: Trade Union; Real Wage; Money Supply; Full Employment; Cash Holding (search for similar items in EconPapers)
Date: 1977
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DOI: 10.1007/978-1-349-15751-8_10

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