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Inflation: A Survey

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Surveys of Applied Economics

Abstract

Inflation is a process of continuously rising prices, or equivalently, of a continuously falling value of money. Its importance stems from the pervasive role played by money in a modern economy. A continuously falling value of pins, or of refrigerators, or of potatoes would not be regarded as a major social problem, important though it might be for the people directly engaged in the production and sale of those goods. The case of money is different precisely because the role that it plays in co-ordinating economic activity ensures that changes in its value over time impinge upon the well-being of everyone.

This is the eighth of a series sponsored jointly by the Social Science Research Council and the Royal Economic Society.

This survey has been prepared as part of the University of Manchester-S.S.R.C, research programme “Inflation: Its Causes, Consequences and Cures”. Earlier drafts of the paper were presented at meetings of the Manchester Inflation Workshop and generated helpful comments from our colleagues, especially John Foster, Malcolm Gray, Jack Johnston, Alvin Marty, Graham Smith, Michael Sumner and George Zis. We have also received valuable comments from George Borts, David Champernowne, Brian Reddaway, Tony Thirlwall and from anonymous referees. We are grateful to all these and to Geoffrey Hilliard, Andrew Horsman, Linda Ward and Robert Ward for bibliographic assistance. The errors, omissions, misrepresentations and biases are our joint responsibility.

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Authors
  1. D. E. W. Laidler
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© 1977 The Royal Economic Society and the Social Science Research Council

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Laidler, D.E.W., Parkin, J.M. (1977). Inflation: A Survey . In: Surveys of Applied Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-01863-5_4

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