Wage and Price Setting in a Post-Keynesian Theory of Inflation

Philip Arestis and Frank Skuse

Chapter 12 in Money and Production, 2024, pp 223-238 from Edward Elgar Publishing

Abstract: This paper attempts to put forward a post-Keynesian theory of inflation. This story is built around two interconnected relationships: the wage relationship emanating from conflict theory, and the pricing relationship which is based on the markup hypothesis and the degree of monopoly. The interaction of the two provided a comprehensive theory of inflation which is very different from the orthodox (neo-classical) approach.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2024
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