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.
General
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