The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Incomes Policies

  • Rupert Pennant-Rea
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1190

Abstract

Keynes’s General Theory attacked the foundation of the quantity theory of money – the proposition that the level of activity is determined by real forces. But though Keynes provided a new theory of output, he offered no systematic explanation of the price level. He simply took money wages as given, and argued that their level was the key determinant of all nominal magnitudes.

This is a preview of subscription content, log in to check access.

Bibliography

  1. Ball, R.J., and P. Doyle (eds.). 1969. Inflation. London: Penguin.Google Scholar
  2. Braun, A.R. 1986. Wage determination and incomes policy in open economies. Washington: International Monetary Fund.Google Scholar
  3. Friedman, M. 1974. Monetary correction. In Essays on inflation and indexation, ed. M. Friedman. Washington, DC: American Enterprise Institute for Public Policy Research.Google Scholar
  4. Keynes, J.M. 1936. The general theory of employment, interest and money. London: Macmillan.Google Scholar
  5. Keynes, J.M. 1940. How to pay for the war. London: Macmillan.Google Scholar
  6. Paish, F.W. 1986. The limits of incomes policies. In Policy for incomes, Hobart Paper, vol. 29, 4th ed, ed. F.W. Paish and J. Hennessy. London: Institute of Economic Affairs.Google Scholar
  7. Phillips, A.W.H. 1958. The relation between unemployment and money wage rates in the United Kingdom, 1861–1957. Economica 25: 283–299.Google Scholar
  8. Rowthorn, R. 1977. Conflict, inflation and money. Cambridge Journal of Economics 1: 215–239.Google Scholar
  9. Tarling, R., and S.F. Wilkinson. 1977. The social contract – Post-war incomes policies and their inflationary impact. Cambridge Journal of Economics 1(4): 395–414.Google Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Rupert Pennant-Rea
    • 1
  1. 1.