Inflation remains a gaping wound in both mainstream and progressive economics. We know a lot more than we did in the 80s, but that knowledge has not become embedded/been gathered into coherent theories or stories.
Yep, I actually think the 70s / 80s are really interesting to revisit on the issue of inflation. Wages held up quite well during the price spikes of the 70s / 80s because organised Labour was strong enough to protect incomes against the energy price spikes.
Right wing politicians like Thatcher and Reagan had to develop a rich and figurative language of their own to position themselves as "on the side" of households affected by inflation. This was allied to efforts to discipline workers and trade unions, so that when future inflation episodes occurred, price stability policy making could continue untroubled by the demands of workers. And this is the world we live in today.!
Inflation remains a gaping wound in both mainstream and progressive economics. We know a lot more than we did in the 80s, but that knowledge has not become embedded/been gathered into coherent theories or stories.
Hey Indy!!!
Yep, I actually think the 70s / 80s are really interesting to revisit on the issue of inflation. Wages held up quite well during the price spikes of the 70s / 80s because organised Labour was strong enough to protect incomes against the energy price spikes.
Right wing politicians like Thatcher and Reagan had to develop a rich and figurative language of their own to position themselves as "on the side" of households affected by inflation. This was allied to efforts to discipline workers and trade unions, so that when future inflation episodes occurred, price stability policy making could continue untroubled by the demands of workers. And this is the world we live in today.!