Unrestrained growth baits the hook of inflation Available to Purchase

There still exists today, after millions of words from learned economists on the subject, much confusion concerning the definition, causes, and effects of “inflation.” Consider, for example, the argument as to whether inflation or unemployment is the more serious social problem. Framing our economic debate in this manner presupposes the validity of the Phillips Curve model of the presumed trade‐off between these two scourges of mature industrial societies. The companion assumption is that they are both aberrations of some imaginary equilibrium state rather than structural features of industrial societies committed to economic growth.