The Phillips Curve and Demand-Pull Inflation

Thomas Palley

Chapter 10 in Post Keynesian Economics, 1996, pp 166-181 from Palgrave Macmillan

Abstract: Abstract Within Post Keynesian economics, the standing of the Phillips curve has tended to be somewhat ambiguous. In part, this ambiguity reflects the uncertain standing of the Phillips curve in the profession at large, and in part it reflects the fact that Post Keynesians have been eclectic in theorizing about inflation. In particular, whereas the mainstream of professional economists has come to see inflation as exclusively caused by excessive money growth, Post Keynesians also emphasize the significance of labor market conflict over the distribution of income. These two approaches to the theory of inflation represent lineal developments of earlier (1950s) interpretations of inflation in terms of “demand-pull” and “cost-push” factors: thus, the new classical money growth approach may be identified as a particular expression of the demand-pull perspective, while the Post Keynesian distributional conflict approach can be identified with the cost-push perspective.

Keywords: Real Wage; Full Employment; Nominal Wage; Phillips Curve; Inflation Expectation (search for similar items in EconPapers)
Date: 1996
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37412-6_10

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230374126

DOI: 10.1057/9780230374126_10

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().