Noyola's Institutional Approach to Inflation

Colin Danby

Journal of the History of Economic Thought, 2005, vol. 27, issue 2, 161-178

Abstract: Juan Noyola is widely credited as an originator of the Latin American “structuralist” theory of inflation. His key contribution is a 1956 article comparing inflation in Mexico and Chile. However there is disagreement about the nature of this contribution, or even what “structuralist” means in this context. I argue that Noyola's innovation was grounding money and credit in a highly institutional political economy of class conflict. This grounding endogenized not only money, but also policymaking and the State.

Date: 2005
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