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A. J. BROWN acceleration of inflation actually fell amount of slack back legs boom Bretton Woods BRITISH ACADEMY competitive performance consumer prices cost of living cost-determined currencies decrease demand pressure dollars econometric ECONOMY BY A. J. ECONOMY OF INFLATION exchange rates exchange-rates exports failed to keep faster flexible prices foodstuffs and raw France front legs Germany gross profit share income ran incomes policies industrial countries internationally traded Italy Japan Japanese KEYNES LECTURE labour market legs accelerate less fast liquidity Maynard monetary policy money supply OECD countries Pantomime Horse period Phillips Curve pressure of demand price-wage spiral prices of internationally prices of manufactures prices of traded Primary prices primary products productivity-growth rate of increase raw materials retail price rise of productivity salaries rise Thomas Wilson traded manufactures unemployment rate United Kingdom upwards virtuous circles wage-costs per unit wage-explosion wage-inflation wage-push wages and salaries whole world economy world inflationary world prices