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Title variants
Evolution of Views on Relationship between Inflation and Unemployment
Languages of publication
Abstracts
In this article the author describes the evolution of theoretical views appearing in Western economy on the relationship between inflation and unemployment, and makes an attempt at commenting on and evaluating basic points of controversy against the background of the present economic problems faced by higly-developed capitalist states. There is discussed the concept based on the so-called Phillip's curve with a special emphasis laid on its theoretical and practical significance, - and the hypothesis of "natural unemployment rate", which while constituting the nert interpretation of the inflation-unemployaent relationship, is deeply rooted in the neo-classical theory. As a kind of digression the author describes the thesis presented by M. Friedman in 1976 about a positive correlation between the unemployment level and the Inflation rate. The author perfores a confrontation of the main views on the subject in question i. e. of the doctrine based on Phillip's curve, considered today to be a counterpart of Keynes' theory of wages and eaployment, and the natural concept of the unemployment rate being a contemporary version of the position held by the neo- -classical economy. A special attention is devoted to the fact that both Keynes' and neo-classical approach to the unemployment and full employment problems do not create a satisfactory framework for analysis of significant phenomena occurring in the labour market in capitalist states - and namely creation of a substantial unemployment margin of structural character.
Keywords
Year
Volume
Physical description
Dates
published
1983
Contributors
References
Document Type
Publication order reference
Identifiers
URI
http://hdl.handle.net/11089/15973
YADDA identifier
bwmeta1.element.hdl_11089_15973
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