Inflation as a Cause of Economic Stagnation: A Dual Model

John Cornwall

Chapter 6 in Inflation and Income Distribution in Capitalist Crisis, 1989, pp 99-122 from Palgrave Macmillan

Abstract: Abstract One of the main arguments of this paper is that under existing institutions in the developed capitalist economies, inflation of the type experienced in the late 1960s and early 1970s leads to prolonged periods of high unemployment and low to zero rates of growth of productivity, i.e., economic stagnation. Furthermore, it is argued that without radical changes in certain key institutions, the current economic breakdown will continue indefinitely and will spread worldwide.

Keywords: Unemployment Rate; Inflation Rate; Real Wage; Aggregate Demand; Full Employment (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_7

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DOI: 10.1007/978-1-349-08833-1_7

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