Search Results

“... of stagflation, one is tempted to refer to a book by a distinguished US economist, the late Arthur Okun: Prices and Quantity, published a little before the Meade volume. Okun shares Meade’s preoccupation with the diversion of nominal demand into price and wages increases at the expense of output and ...”

“... markets? The other main line of reasoning – that associated with neo-Keynesians such as the late Arthur Okun – takes on board Friedmanite criticisms of Keynesianism, but has built up a new approach which concentrates on disequilibrium situations where wages and prices do not automatically adjust to bring supply and demand into balance. This situation ...”

“... is the suggestion that positive rates of inflation are somehow addictive, that (in the words of Arthur Okun, recently quoted approvingly in a Bank of England review of the issue) steady inflation is a ‘mirage’. Or as the then Governor of the Bank said sternly in a 1992 lecture on ‘The Case for Price Stability’: ‘Whenever inflation is viewed ...”