Conflictual Inflation and the Phillips Curve

Marc Lavoie

Review of Political Economy, 2024, vol. 36, issue 4, 1397-1419

Abstract: This paper presents a pedagogical guide to conflictual inflation, showing the similarities and differences between the post-Keynesian analysis and the alternative mainstream WS-PS model. Among other things, it shows the difficulties that analysts meet when they try to justify the existence of a NAIRU. Productivity growth, wage-wage inflation and the possibility of a flat Phillips curve are considered within the framework of the post-Keynesian conflicting-claims model. The paper also deals with conflictual inflation within the context of an open economy that imports intermediate goods and raw materials.

Date: 2024
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DOI: 10.1080/09538259.2023.2294305

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