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The Phillips Curve and Demand-Pull Inflation

In: Post Keynesian Economics

Author

Listed:
  • Thomas I. Palley

    (New School for Social Research)

Abstract

Within Post Keynesian economics, the standing of the Phillips curve has tended to be somewhat ambiguous. In part, this ambiguity reflects the uncertain standing of the Phillips curve in the profession at large, and in part it reflects the fact that Post Keynesians have been eclectic in theorizing about inflation. In particular, whereas the mainstream of professional economists has come to see inflation as exclusively caused by excessive money growth, Post Keynesians also emphasize the significance of labor market conflict over the distribution of income. These two approaches to the theory of inflation represent lineal developments of earlier (1950s) interpretations of inflation in terms of “demand-pull” and “cost-push” factors: thus, the new classical money growth approach may be identified as a particular expression of the demand-pull perspective, while the Post Keynesian distributional conflict approach can be identified with the cost-push perspective.

Suggested Citation

  • Thomas I. Palley, 1996. "The Phillips Curve and Demand-Pull Inflation," Palgrave Macmillan Books, in: Post Keynesian Economics, chapter 10, pages 166-181, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37412-6_10
    DOI: 10.1057/9780230374126_10
    as

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