Wages and Prices in a Mixed Economy
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I need not dwell on the fact that we find ourselves not merely in an inflationary situation, but in a situation in which the rate of inflation has itself recently been rising rapidly and has been combined with an exceptionally high level of unemployment. This ‘stagflation’ is illustrated in Table 2.1.2
KeywordsLabour Market Monetary Policy Trade Union Bargaining Power Profit Margin
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- 2.Taken from Tables XVIII and XX of Professor F. W. Paish, Rise and Fall of Incomes Policy, Hobart Paper 47, IEA, second edition, July 1971.Google Scholar