Is There a Trade-Off Between Global Inflation and the Great Resignation in the United States?

Kosta Josifidis and Novica Supic

Journal of Economic Issues, 2023, vol. 57, issue 2, 499-506

Abstract: The aim of this article is to get a better insight into the relationship between global inflation and the “Great Resignation” in the United States. Based on Post Keynesian conflict inflation theory, we argue that these two phenomena may be seen as the opposite power processes in which high inflation redistributes power from labor to corporate capital, whereas a very tight labor market strengthens workers’ bargaining power. Given the dominant share of less powerful, low-income workers in the job-to-job flow as well as their disproportionately high exposure to the negative effects of inflation, we provide arguments in favor of a possible trade-off between global inflation and the Great Resignation in the United States.

Date: 2023
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DOI: 10.1080/00213624.2023.2201793

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