THE POLITICAL ECONOMY OF COST INFLATION

Thorvaldur Gylfason and Assar Lindbeck

Kyklos, 1982, vol. 35, issue 3, 430-455

Abstract: This paper is intended to highlight the role of cost increases in the inflation process. In the course of the analysis a distinction is made between three different types of cost inflation: (i) exogenous cost impulses; (ii) competing income claims, both by way of bargaining in markets and by competition in the political arena; and (iii) attempts to preserve the purchasing power of income. Each category is discussed in some detail. The paper also discusses alternative methods of fighting cost inflation, including some issues pertaining to cost‐accommodating demand management and incomes policy.

Date: 1982
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Persistent link: https://EconPapers.repec.org/RePEc:bla:kyklos:v:35:y:1982:i:3:p:430-455

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