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Inflation Economics: the Heath-Barber Boom 1972-74

Research output: Contribution to journalJournal article

Published
<mark>Journal publication date</mark>10/2010
<mark>Journal</mark>Economic Affairs
Issue number3
Volume30
Number of pages3
Pages (from-to)79-81
Publication statusPublished
Original languageEnglish

Abstract

The UK macroeconomic boom of the early 1970s is an experiment that refutes the notion of cost–push inflation. However, such nonsense endures as the consequence of two factors. The first is the convenient ruse by which the state ducks its responsibility for monetary inflation and points the finger in other directions. The second is a potential to confuse the source of an individual price increase (rising scarcity) and the source of general price increases (excessive money).