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Published in:
1989 | OriginalPaper | Chapter
Inflation as a Cause of Economic Stagnation: A Dual Model
Author : John Cornwall
Published in: Inflation and Income Distribution in Capitalist Crisis
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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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.