On cost-push theories of inflation in the pre-war monetary literature

Authors

  • T.M. HUMPHREY T.M.

DOI:

https://doi.org/10.13133/2037-3643/11494

Keywords:

Inflation, cost-push, neoclassical monetary theory

Abstract

Over the course of the debate on inflation, it has been commonplace to refer to cost-push explanations, which attribute inflations to a host of non monetary, supply-orientated influences that raise costs, as being of relatively recent origin, or “new”. To the contrary, the present article shows that cost-push theories, far from being new, were widespread in the 1800s and early 1900s. Such theories were thoroughly analysed, and in some cases sharply criticised, by many leading neo-classical monetary theorists. Moreover, many of the issues in current and recent debates between cost-pushers and monetarists appeared in the earlier literature dealing with inflation.

 

JEL: E31, E40

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Published

2014-01-03

How to Cite

HUMPHREY T.M., T. (2014). On cost-push theories of inflation in the pre-war monetary literature. PSL Quarterly Review, 29(116). https://doi.org/10.13133/2037-3643/11494

Issue

Vol. 29 No. 116 (1976)

Section

Editorial

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