Chapter 4 Effective Demand and Real Wage Barriers as Causes of Chronic Inflation
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Chapter 4 generalizes a two-sector real growth model of Marglin where the steady state of capitalist economies is plagued by secular inflation. We show that this implication need not be true in more general formulations and that his approach resembles more a general Keynes-Marx-Friedman framework where money is superneutral, where inflation is solely due to excessive monetary growth, and where the private sector is stable. However, the approach leads to a steady state rate of employment differing from the NAIRU of Friedman’s monetarist theory of inflation.

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