Reduction of the Rate of Inflation—Essential Desideratum

Lord Robbins
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Lord Robbins: The London School of Economics

Chapter 12 in Against Inflation, 1979, pp 60-64 from Palgrave Macmillan

Abstract: Abstract My Lords, it is the tradition in this House that we should seek so far as possible to establish a consensus—that we should not only brings out points of difference but points of agreement. I take it that we are all convinced at the moment that the value of money has been diminishing, is still diminishing and that that diminution must be arrested, if not completely stopped. In this connection, I was surprised to hear the noble Lord, Lord Diamond, to whom I always listen with respect and interest, base his indictment in this context entirely on what has happened in the last two years. If one takes the retail price index for1963 as 100, the price in August of this year was 165, and although I should be the last person to wish to defend what has been allowed by ministers in the last two years, I should have thought, speaking with the utmost friendliness and deference, that those who sit on the Opposition benches would feel no reason to be altogether proud of what happened while they were in control. After all, the tremendous increase in the rate of increase of money supply began before the last General Election.

Keywords: Money Supply; Land Price; Aggregate Expenditure; Retail Price Index; Vast Increase (search for similar items in EconPapers)
Date: 1979
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DOI: 10.1007/978-1-349-04478-8_12

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