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Inflation, Unemployment and the Distribution of Income

In: Macroeconomic Theories and Policies for the 1990s

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  • Peter Skott

Abstract

Events in the 1960s and 1970s have been widely seen as evidence of the theoretical and political inadequacy of Keynesian economics. But some of the ideas which have gained prominence over the last two decades seem strangely at odds with the evidence: in the late 1960s there was a sharpening of class conflict and the 1970s and 1980s witnessed the emergence of mass unemployment. These developments, shown in Figure 3.1, have been associated in economic theory with an affirmation of faith in the efficacy of markets and in the methodological necessity of an economic theory based on individual rationality.

Suggested Citation

  • Peter Skott, 1992. "Inflation, Unemployment and the Distribution of Income," Palgrave Macmillan Books, in: Macroeconomic Theories and Policies for the 1990s, chapter 3, pages 36-52, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11639-3_3
    DOI: 10.1007/978-1-349-11639-3_3
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