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THE CASE FOR DEMAND PULL
TWO VIEWS OF THE COSTPUSH ARGUMENT
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administered prices aggregate demand analysis assumed autonomous average bank bottlenecks capacity capital cent consumption cost inflation cost-push inflation creases create decline demand inflation demand-pull inflation depression economic growth economists effect employers excess demand expansion factors factors of production Federal Reserve Federal Reserve System firms fiscal policy forces full employment higher wages important industries inflationary process interest rates investment labor market man-hour marginal ment monetarists monetary and fiscal monetary policy money supply money wages nomic occur output perfect competition period pressure price increases price level price stability prices and wages prices rise productivity gains productivity increases profit rate quantity of money quantity theory raise prices real wages reduce relationship relative prices response result rising prices rose sector spiral stable prices structuralists tend tion total demand trade unions unemployment upward wage costs wage demands wage increases wage lag wage policy wage push wage rates wages and prices workers