A01=Michael R. Smith
advanced macroeconomics research
Author_Michael R. Smith
Category=KCBM
Central Bank Autonomy
Centralized Bargaining
Centralized Union Movement
class conflict economics
Distributional Coalitions
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
Federal Reserve
IG Metall
inflation dynamics
Initial Productivity Level
institutional influences on inflation
Institutional Sclerosis
Long Run Phillips Curve
macroeconomic policy analysis
monetary policy critique
Neo-corporatist Institutions
Neocorporatist Institutions
Neocorporatist Systems
Nominal Wage Rigidity
Nominal Wages
Olson's Theory
Phillips Curve
Political Business Cycle
political economy theory
postwar
Postwar Inflation
Rich Capitalist Societies
Short Run Phillips Curve
Vice Versa
Wage Drift
Wage Push Inflation
West Germany
Young Men
Product details
- ISBN 9780202304304
- Weight: 453g
- Dimensions: 152 x 229mm
- Publication Date: 15 Dec 1992
- Publisher: Taylor & Francis Inc
- Publication City/Country: US
- Product Form: Paperback
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Explanations for inflation had for a long time been ceded to the purview of economists. The acceleration in rates of inflation within advanced economies during the 1960s and 1970s, however, prompted sociologists and political scientists to attempt their own accounts for this phenomenon.There are two major competing explanations of the postwar inflation. One, most commonly held by economists, is that inflation has been produced by governments through a combination of policy errors and cynical manipulation of policy for electoral purposes. The other, often advanced by sociologists and political scientists as an alternative, is that inflation has been an outcome of class conflict. In his study that ranges widely over the literature in the relevant disciplines, Smith examines the strengths and weaknesses of each account, with particular attention to the evidence presented in support of class-conflict explanations. He concludes that, on balance, the policy-error/cynical-manipulation explanation is better supported than its class-conflict rival.The clarity with which Smith presents these rival accounts and the critical rigor of his scrutiny make this a work of interest to advanced students in macroeconomic theory and to policy makers.
