On Inflation and its Control

V. V. Bhatt
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V. V. Bhatt: Reserve Bank of India

Chapter 18 in Economic Development in South Asia, 1970, pp 346-368 from Palgrave Macmillan

Abstract: Abstract The nature of the inflationary process and the policy instruments for its control depend upon the institutional setting of a given country. These would naturally be different in a pure competitive economy from those in an economy with complete centralised planning. The institutional setting that we are concerned with is that of a mixed economy where government expenditures are more or less autonomous and planned, while the economic decisions in the private sector of the economy are governed by the price system as modified by the policy instruments of the Government. Of course, in a basic sense one set of decisions is not independent of the other set; the two interact as a result of the interdependence of the two subsystems.

Keywords: Monetary Policy; Real Wage; Money Supply; Inflationary Pressure; Price Rise (search for similar items in EconPapers)
Date: 1970
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DOI: 10.1007/978-1-349-00964-0_18

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