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Thoughts on the Behaviour of Wages and Monetarism

In: Richard F. Kahn

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  • Richard F. Kahn

Abstract

In the 1970s—when the tide was turning against the hegemony of Keynesian thought and the Western economies experienced levels of inflation such as had never been reached in the post-war period—Kahn deployed all the defences he could muster against monetarism, which to all intents and purposes amounted to the restoration of a pre-Keynesian approach. This essay, published 1976, focused on the UK and Kahn revisits his ideas on wage-wage spirals, wage differentials, trade union conflicts and the crucial role these factors play in determining inflation and unemployment, as compared with the role played by the monetization of the public sector budget deficit.

Suggested Citation

  • Richard F. Kahn, 2022. "Thoughts on the Behaviour of Wages and Monetarism," Palgrave Studies in the History of Economic Thought, in: Maria Cristina Marcuzzo & Paolo Paesani (ed.), Richard F. Kahn, chapter 0, pages 241-252, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-98588-2_12
    DOI: 10.1007/978-3-030-98588-2_12
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