Inflation

G. R. Steele
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G. R. Steele: University of Lancaster

Chapter 11 in Monetarism and the Demise of Keynesian Economics, 1989, pp 111-121 from Palgrave Macmillan

Abstract: Abstract Inflation is a continuous rise in the price of goods and services in terms of the nominal money unit. Inflation cannot occur in a barter economy: it is purely a monetary phenonemon — a conclusion which monetary authorities may attempt to deny, when they fail in their responsibility to maintain a sound currency. Labour unions are the most common scapegoat; but in addition to cost-push by unions, inflation has been blamed upon sharp increases in the price of primary products, and upon cartel-inspired increases in the cost of oil. Yet, if labour-based, raw materials-based or energy-based commodity prices all rise continuously, it is more likely that they are the symptoms of a common cause.

Keywords: Real Wage; Money Supply; Full Employment; Wage Bargaining; Monetary Expansion (search for similar items in EconPapers)
Date: 1989
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DOI: 10.1007/978-1-349-09994-8_11

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