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Depression with rising prices?
INFLATION IN PERSPECTIVEAN HISTORIANS VIEW
The current debate
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agree analytical argue argument bad economics believe Britain Brittan cause collective bargaining consequences course David Laidler demand economists effect escalator clauses exchange rate expenditure F. A. HAYEK favour finance fixed exchange rate floating full employment going growth happen Hayekian historians hyper-inflation important incomes policy index-linking industry inflation rate inflationary institutions interest rate issue Keynesian kind labour market level of unemployment Lord Robbins ment Milton Friedman monetarists monetary expansion monetary policy money supply money wages monopoly natural rate Nuffield College period Peter Jay political position post-war price controls price level prices and incomes problem produce Professor Friedman Professor Laidler purchasing power securities question rate of increase rate of inflation rate of unemployment real wages reflation relative prices rise in prices semantic social stable suppose theory things trade unions unemployed wage and price