Why Problems Do Not Go Away: The Case of Inflation

Elias H. Tuma

The Journal of Economic History, 1981, vol. 41, issue 1, 21-28

Abstract: Problems persist despite efforts to solve them because those efforts are irrelevant, inadequate, or unsupported. A behavioral structure consisting of the philosophy of the system in which the problem resides, its institutions, administration, and the operation that implements its policies is devised to analyze persistent problems such as inequality, underdevelopment, and inflation. As a chronic problem in the United States and other capitalist economies, inflation reflects a contradiction within the behavioral structure. Its resolution requires reinstatement of perfect competition, which is improbable, or change of the philosophy, which is revolutionary and equally improbable; hence, inflation will persist regardless of the measures taken against it.

Date: 1981
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