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Inflation and wage restraint

In: Can We Get Back to Full Employment?

Author

Listed:
  • Maurice Scott
  • Robert A. Laslett

Abstract

The average rate of increase of the retail price index from 1948 to 1966 was only 3.8 per cent per annum. At the time, this seemed quite high, and was indeed so compared with the experience of the preceding centuries, but in retrospect it seems astonishing that unemployment could be on average as low as 1.7 per cent with inflation at such a moderate level and with no sign that it was accelerating.

Suggested Citation

  • Maurice Scott & Robert A. Laslett, 1978. "Inflation and wage restraint," Palgrave Macmillan Books, in: Can We Get Back to Full Employment?, chapter 4, pages 23-42, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-16020-4_4
    DOI: 10.1007/978-1-349-16020-4_4
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