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The Basic Argument

In: The Macroeconomic Mix in the Industrialized World

Author

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  • J. O. N. Perkins

    (University of Melbourne)

Abstract

The general hypotheses (argued in detail in the two earlier books referred to in the footnote on p. 1 against which the experience of the OECD countries is here being viewed, rest on the view that the particular combinations of monetary policy, taxation and government outlays that are chosen by a country (or by a group of countries) has an appreciable influence upon the extent of upward pressure on the price level that occurs at any given level of employment (or unemployment). In particular, the cost-increasing effects of high taxes, and also the price and cost-increasing effects of many types of government outlays, mean that (other things equal) a high, or at least a rising, level of taxation and of the more inflationary forms of government outlay, will tend to exert greater upward pressure on prices (at a given level of employment) than will a lower level of taxation and lower levels of those particular forms of government outlays.

Suggested Citation

  • J. O. N. Perkins, 1985. "The Basic Argument," Palgrave Macmillan Books, in: The Macroeconomic Mix in the Industrialized World, chapter 2, pages 8-18, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07771-7_2
    DOI: 10.1007/978-1-349-07771-7_2
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