Inflation—A Keynesian View

Richard F. Kahn

Chapter Chapter 13 in Richard F. Kahn, 2022, pp 253-259 from Palgrave Macmillan

Abstract: Abstract In this chapter, published in 1976, Kahn objected to Friedman’s dictum that inflation is always and everywhere a monetary phenomenon; he argues that it is rather the outcome of the growth of money wages in excess of productivity and increases in the price of imported commodities. It follows that the proposed monetarist “cure” of reducing the growth of the money supply misses the point, since it has neither a direct nor an indirect impact on prices unless unemployment reaches politically unacceptable levels. In this context, the monetarist notion of a natural unemployment rate and the idea that public budget deficits always cause inflation have no solid analytical foundation.

Date: 2022
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DOI: 10.1007/978-3-030-98588-2_13

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