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Its Importance and Evolution
THE DILEMMA MODEL OF THE INFLATIONARY PROCESS
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aggregate analysis argued assumption average central bank collective bargaining competition conclusion Consequently considerations cost-of-living cost-of-living index cost-plus pricing demand curve demand for labor depend dilemma model discussion Economic economists effect elasticity employer excess demand exert existence expect extent factors factors of production fira firm's frcm higher wage impact important income individual firm industry inflation inflationary process influence interest rates Joan Robinson labor market magnitude marginal cost monetary authorities money supply movements necessary negotiations output per man-hour perfectly competitive possibility price behavior price determination price increases price level price policy problem Professor prospective profitability question raise reason reduction relative restrictive monetary policy result Review rising rrice sector shift significance stability supply thit tion total costs unemployment union wage unit labor costs upward variable costs wage adjustments wage and price wage comparisons wage increase wage level wage policy wage pressures wage-price wage-setting workers