Fuller Employment with Less Inflation

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W.E. Upjohn Institute for Employment Research, 1981 - Business & Economics - 226 pages
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This series of 10 essays, written at various times since the mid-1960s, explores the U.S. economy's proneness to both high inflation and high unemployment during this period. The essays present ideas that the author believes could have reined in price increases in the early stages, and that presently could speed the reduction of inflation and reduce the pain of its accompanying unemployment. The first chapter sets the tone for the book with a brief description of the origin and development of the inflation-unemployment syndrome in light of the provisions of the Employment Act of 1946 and its 1978 amendments, the Humphrey-Hawkins Full Employment and Balanced Growth Act. It also considers the spectrum of authoritative prescriptions for disinflation of the economy. A major theme of the essays is the desirability of complementing the standard fiscal and monetary approaches toward counterinflation with a special supply-side tax or income policy that gives workers an incentive to forego pay increases exeeding the prospective national rate of productivity advance. The second recurring theme is the improvement of statistics for use in the wage-price monitoring, another round of which should not be ruled out, according to the author, despite disappointing past experience. In this context, designs are offered for statistical systems in which hourly earnings, unit labor cost, productivity, and prices are treated symmetrically; and in which, alternatively, aggregates such as payrolls (or total factor income) and real output suffice and productivity estimates are not needed. (KC)

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Contents

WagePrice Monitoring 1979
33
Price Reduction Via Productivity
45
Productivity Statistics for
63
Copyright

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