Money Wages in the Keynesian and Monetarist Explanations of the Transmission Mechanism Linking Money and Prices

Jan Kregel

Chapter 4 in Inflation and Income Distribution in Capitalist Crisis, 1989, pp 69-81 from Palgrave Macmillan

Abstract: Abstract Two currents run consistently through Sidney Weintraub’s approach to economics: the proposition that the level of money prices is primarily determined by the level of money wage rates and labour productivity, and the corollary proposition that full employment can be facilitated by control of inflation through incomes policies to provide the necessary co-ordination between the rate of change in money wages and productivity. While these points were characteristic of his approach to the subject, they appeared alien to the profession when Weintraub first put them forward, even though they reflected a long tradition in economics that pre-dates Adam Smith and which was revived by Keynes: the central role of labour in the economic process.

Keywords: Monetary Policy; Central Bank; Real Wage; Money Supply; Natural Rate (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-08833-1_5

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DOI: 10.1007/978-1-349-08833-1_5

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