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Wage and Price Setting in a Post-Keynesian Theory of Inflation

In: Money and Production

Author

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  • Philip Arestis
  • Frank Skuse

Abstract

This paper attempts to put forward a post-Keynesian theory of inflation. This story is built around two interconnected relationships: the wage relationship emanating from conflict theory, and the pricing relationship which is based on the markup hypothesis and the degree of monopoly. The interaction of the two provided a comprehensive theory of inflation which is very different from the orthodox (neo-classical) approach.

Suggested Citation

  • Philip Arestis & Frank Skuse, 2024. "Wage and Price Setting in a Post-Keynesian Theory of Inflation," Chapters, in: Louis-Philippe Rochon & Mario Seccareccia (ed.), Money and Production, chapter 12, pages 223-238, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22417_12
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035314034.00018
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    Keywords

    Economics and Finance;

    Statistics

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