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| Author: | Susjan, A. Lah, M. |
| Title: | Inflation in the transition economies: the post-Keynesian view |
| Journal: | Review of Political Economy
1997 : OCT, VOL. 9:4, p. 381-394 |
| Index terms: | INFLATION KEYNESIAN SCHOOL POLITICAL ECONOMY |
| Language: | eng |
| Abstract: | The article deals with the relevance of post-Keynesian theory of conflict inflation for the transition economies. While the conflict inflation theory does not have any explanatory power for the performance of socialist economies and for their immediate post-socialist behaviour, it becomes relevant in later phases of their transition. The reason lies in the development of labour market institutions and in the establishment of collective bargaining. The inflation rate is determined by the real wage aspiration gap and by the bargaining power of the capital and labour side. |
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