This reissue, first published in 1982, is the first of two volumes
on the causes and cure of Stagflation - the two-headed monster that
combines mass unemployment with rapid inflation, which affected
contemporary economies across the industrially developped world in
the 1970s. Professor Meade outlines the nature of the problem,
contrasting the Great Slump of the 1930s with the Great Stagflation
of the 1970s and comparing the Orthodox Keynesian and Monetarist
approaches with the New Keynesian strategy. Various proposals for
the reform of wage-fixing institutions are discussed, including the
limitation of trade-union bargaining powers, an official incomes
policy, labour management and ownership in business, and tax or
subsidy measures to discourage inflationary rises in wages and
prices. The book will be essential reading for all concerned with
both the theory and policy of contemporary macroeconomics,
industrial relations, labour economics and labour law. It has been
written so that the general argument in the main text is accessible
to the general reader as well as of interest to the professional
economist.
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