Full text: What is New Since Keynes?

See for example Eatwell, Llewelyn and Tarling, 
Money wage inflation in industrial countries. Review of 
Economic Studies 41 (1974) 515-523 
Aukrust 0,, Inflation in the open economy. Worldwide 
inflation - theory and recent egperience.Ed Krause and Salant 
Brookings institution. 
Jackson Turner and Wilkinson, Do Trade Unions cause Inflation 
Cambridge U.P. 1972 
Scitovsky, I.Market power and inflation Economica Aug 1978 
Another feature is that shifting of wage increases to 
prices xxxxh has become increasingly easy (invisible Okvyvo 
handshake ). This may have something to do with the 
wider scope ( in practice ) of wage movements ( the large 
concerns and the large unions ). 
Thirdly,The shifting of price increases on to wages, if only 
with a time lag has become prevalent even where no 
explicit indexation took place. Due to this inflation tends 
to be passed on th the next period. Inflation becomes 
inherited from the past. ^ <tSUy 
All this can still be reconciled with a relatively mild degree 
of inflation. The violent destablisations which took 
place at certain times were caused by commodity prices, 
the dollar devaluation of 1971, the floating exchanges 
an perhaps by exceptional wage increases ( the burst of 1969-71) 
But these events would act more decisively on the 
background of a general upward bias which persists until now.

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