An inflation tax

R. Jackman and Richard Layard

Fiscal Studies, 1982, vol. 3, issue 2, 47-59

Abstract: The basic dilemma for any government is how to get more employment without also generating more inflation. Broadly, there are only three alternative approaches. The simplest is to rule out any form of incomes policy (outside the public sector). This is equivalent to accepting high levels of unemployment into the indefinite future. For without an incomes policy it will take at least 2 million unemployed to stop inflation increasing.

Date: 1982
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