Inflation in the United Kingdom

  • Donald MacDougall


Most Australians, though not all, seem to have a robust attitude towards inflation — an attitude with which I have some sympathy. They think it does not matter too much provided it is not too rapid. Growth, full employment and high output are more important than price stability. There are, however, other countries, including some important customers of Australia, where people appear to think differently. Whether they are right or wrong I have no time to discuss, but it is a sociological fact that has to be reckoned with.


Trade Union Bargaining Power Wage Increase Full Employment Price Stability 
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  1. 3.
    These seasonally adjusted figures are taken from Dow and Dicks-Mireaux, ‘Excess Demand for Labour’, Oxford Economic Papers, February 1958, and the National Institute Economic Review.Google Scholar
  2. 7.
    F. W. Paish, ‘Inflation in the United Kingdom, 1948–57’, Economica, May 1958.Google Scholar
  3. A. W. Phillips, ‘The Relation between Unemployment and the Rate of Change of Money Wages in the United Kingdom, 1861–1957’, Economica, November 1958.Google Scholar
  4. 8.
    L. R. Klein, R. J. Ball and A. Hazlewood, in ‘Econometric Forecasts for 1959’, Bulletin of the Oxford Institute of Statistics, February 1959, give a summary of the work, which is a general econometric study of the United Kingdom. The full results have not yet been published.Google Scholar
  5. 12.
    This Figure is based mainly on estimates given in the National Institute Economic Review and in articles by Messrs. Penrice, Dicks-Mireaux and Dow (London and Cambridge Economic Bulletin, December 1955 and September 1958, Oxford Economic Papers, February 1958).Google Scholar

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© Sir Donald MacDougall 1975

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  • Donald MacDougall

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