Evolution of the inflation theory and its practical significance

E. A. Orlyansky
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E. A. Orlyansky: Omsk Humanitarian Academy, Omsk, Russian Federation

Russian Journal of Social Sciences and Humanities, 2023, vol. 17, issue 1, 220-228

Abstract: The purpose of this article is to rethink the evolution of the theory of inflation in economic science and practical confirmation of the justification for replacing the purely monetary theory of inflation with its multifactorial version by events in the world and Russian history of the economy. The evolution of the theory of inflation in foreign economic science has become an adequate response to the change in the essence of the market economy itself and inflation as its component. The practical significance of the new theoretical developments was that they became an incentive to search for new methods of anti-inflationary policy that helped to overcome stagflation and prevent its recurrence in the future. On the other hand, during the period of transition to the market in our economy, there was an underestimation of the transformation of the theory of inflation (despite the interest in this issue back in the Soviet period). It also had practical value, but with a negative result. The anti-inflationary policy during the period of hyperinflationary processes at the beginning of the transition period did not correspond to the essence of inflation itself and failed. The underestimation of non-monetary factors of Russian inflation took place in the future as well.

Keywords: inflation; quantity theory of money and prices; multifactorial theory of inflation; stagflation; cost-push inflation (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aws:omskjl:v:17:y:2023:i:1:p:220-228

DOI: 10.57015/issn1998-5320.2023.17.1.23

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