The ?Single point? Wage Indexation and Inflation Control: The Lively Debate in Italy (1975-85)

Luca Sandon?

HISTORY OF ECONOMIC THOUGHT AND POLICY, 2026, vol. 2026/1, issue 1, 29-53

Abstract: This paper examines the Italian academic debate on inflation control after the 1975 single point wage indexation reform of the working collective general agreements through the 1985 popular referendum, which confirmed the revision of this act by Bettino Craxi?s government. This study aims to highlight how competing schools of economic thought ? neoliberal, heterodox leftwing, liberal, and reformist ? influence policy proposals, reflecting different political philosophies and social class allegiances. Consequently, this work focuses on key events, including the Modigliani controversy and Ezio Tarantelli?s predetermination proposal. The inflation interpretations are contextualised in the political, cultural, social, and historical scenarios in which they were elaborated. Finally, this study attempts to explain why the Italian economic culture rejected the idea of inflation as a consequence of monetary supply and emphasised inflation as a costpush phenomenon.

JEL-codes: B2 J38 N14 P11 (search for similar items in EconPapers)
Date: 2026
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