Inflation and wage restraint

Maurice Scott and Robert A. Laslett

Chapter 4 in Can We Get Back to Full Employment?, 1978, pp 23-42 from Palgrave Macmillan

Abstract: Abstract The average rate of increase of the retail price index from 1948 to 1966 was only 3.8 per cent per annum. At the time, this seemed quite high, and was indeed so compared with the experience of the preceding centuries, but in retrospect it seems astonishing that unemployment could be on average as low as 1.7 per cent with inflation at such a moderate level and with no sign that it was accelerating.

Keywords: Real Wage; Collective Bargaining; Wage Increase; Full Employment; Natural Level (search for similar items in EconPapers)
Date: 1978
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-16020-4_4

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DOI: 10.1007/978-1-349-16020-4_4

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