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The book provides an original critical, political economist’s introduction to the meaning, causes and consequences of inflation. It argues that it is too easy to think of inflation as a ‘thing’, when price indexes are not only complex statistical but also social constructions. It provides a historical contextualisation of price changes before a detailed engagement with rival theories of inflation’s causes. Emphasising inflation’s complexity and social character, the book both criticises and develops the kernels of truth in existing accounts in moving towards a more satisfactory synthesis. The book finally turns to neglected questions of inflation’s consequences, contesting prevailing claims that it is a general evil. Inflation tends to foster faster growth and reduced inequality.
“This thought-provoking book reframes inflation through a political economy lens, challenging orthodox and neoliberal assumptions. It presents inflation as a socially constructed process rather than a simple outcome. Clearly structured and analytically sharp, it makes a significant, original contribution and will engage economists, social scientists and organizations involved in economic education.” —Dr Alessandra Mezzadri, FHEA Professor in Global Development and Political Economy Department of Development Studies SOAS, University of London, UK.
“Bill Dunn has written a wide-ranging political economy of inflation that cuts through decades of simplistic orthodoxy. Combining history, monetary theory and class analysis, the book shows convincingly that inflation is a deeply social and political phenomenon.”—Costas Lapavitsas, Professor of Economics at SOAS University of London, UK.
“This book offers an accessible explanation of inflation, theories of inflation, and its social and political implications. It rejects dogmas and dated analyses and advances a realistic and refreshing examination of a hugely important economic phenomenon. A must read for students, activists and academics interested in the dynamic of prices and distribution in recent decades.” —Professor Alfredo Saad-Filho, Queen’s University Belfast, UK.
Bill Dunn is a Professor of Economics at Kingston University, London.
Acknowledgements; List of Tables; List of Figures; Introduction; 1. Inflation as a Metaphor and Some Problems of Inflation Indexes; 2. Inflation in History and Society; 3. The Quantity Theory and the Quantity Equation; 4. Unemployment, the Phillips Curve and the Monetarist Reaction; 5. Capital, Competition and the Global Economy; 6. The Consequences of Inflation: The Anti-inflationary Consensus Versus the Evidence on Inflation and Growth; 7. Winners, Losers and the Politics of Inflation; References; Index.