Aggregate demand, conflict and capacity in the inflationary process

Philip Arestis · Malcolm Sawyer

116 citations0/0 files storedCambridge Journal of Economics

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Monetary Policy and Economic Impact Economic Theory and Policy Unemployment and Economic Growth

Abstract

This paper focuses on an alternative perspective on inflation to that of the non-accelerating inflation rate of unemployment (NAIRU). It indicates that there are no automatic forces leading to a level of aggregate demand consistent with constant inflation. Inflationary pressures arise from conflict over income shares, and from cost elements, with the price of raw materials, especially oil, being the most important. There are supply-side factors impinging on the inflationary process, which arise from the level of productive capacity (relative to aggregate demand). The supply-side constraints are viewed as arising from capacity constraints, rather than from the operation of the labour market.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 116 citations exist upstream.

References

1986Equilibrium Unemployment as a Worker Discipline Device 1992Unemployment: macroeconomic performance and the labour market 1997Unemployment and Labor Market Rigidities: Europe versus North America 1943POLITICAL ASPECTS OF FULL EMPLOYMENT1 1997Labor Market Rigidities: At the Root of Unemployment in Europe 1992Business Fixed Investment Spending: Modeling Strategies, Empirical Results, and Policy Implications 1994Foundations of Post-Keynesian Economic Analysis 1995CAPITAL FORMATION AND UNEMPLOYMENT

Cited by

2010Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model 2011Interest rates, distribution and capital accumulation – A post-Kaleckian perspective on the US and Germany 2009SHAREHOLDER VALUE ORIENTATION, DISTRIBUTION AND GROWTH-SHORT- AND MEDIUM-RUN EFFECTS IN A KALECKIAN MODEL 2011The impact of monetary policy on unemployment hysteresis 2010Capital accumulation, labour market institutions and unemployment in the medium run

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.