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Surveys of Economic Theory pp 46–107Cite as

Palgrave Macmillan

A Survey of Inflation Theory

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Abstract

Since 1945 the geographical extent and temporal stubbornness of The Great Inflation 2 have shaken many economists’ faith in the orthodoxies of preceding generations. Neo-orthodoxies, including restatements, are only dimly in evidence. Our survey is accordingly more of a guide through chaos than a history of received doctrine or a systematic critique of a few rival positions.

The economic stalactite of inflated demand has met a sociological stalagmite of up thrusting claims; and when stalactite and stalagmite meet and fuse in an icy kiss—I hope there is no geologist present to tell me I am talking through my hat—nobody on earth can be quite sure where the one ends and the other begins.

—Sir Dennis Robertson [145]

Roll back the prices,

We’ll save a barrel of mon’,

We’ll lick the prices,

Inflation’s on the run,

Boom, boom, tarara,

Housewives, don’t sigh,

Roll back the prices

In the pig’s left eye!

(American, c. 1943)

The authors are, respectively, Professors of Economics at Carnegie Institute of Technology and Tufts University. Although they consulted freely with each other on all sections of the manuscript, Bronfenbrenner accepts primary responsibility for Parts I, II, and IV; Holzman for Parts III, V, and VI. The authors wish to express their appreciation to colleagues who commented on various parts of this manuscript, especially G. L. Bach, Harry Johnson, Allan Meltzer, Edmund Phelps, A. W. Phillips, and Robert M. Solow. They also offer grateful thanks to Judy Brown, who drew the charts, and to secretarial victims over successive drafts, Mrs. Alice Gallo and Mrs. Harriet Schweinsberg. Holzman would like to express his appreciation to the Social Science Research Council and to the Tufts University Faculty Research Fund for financial assistance in the writing of this paper.

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Authors and Affiliations

  1. Carnegie Institute of Technology, Tufts University, US

    Martin Bronfenbrenner (Professors of Economics) & Franklyn D. Holzman (Professors of Economics)

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  1. Martin Bronfenbrenner
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  2. Franklyn D. Holzman
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© 1965 The Royal Economic Society and the American Economic Association

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Bronfenbrenner, M., Holzman, F.D. (1965). A Survey of Inflation Theory. In: Surveys of Economic Theory. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-00278-8_2

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