By Richard C.K. Burdekin
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Extra resources for Distributional Conflict and Inflation: Theoretical and Historical Perspectives
342^4). Suppose that, beginning from this condition of purely inertial inflation, the monetary authority announces the implementation of the constant money growth, zero inflation rule. In this situation, if income claimants (for example, workers and firms) are uncertain as to the sustainability of the non-activist rule, then their expected inflation rates will remain positive. Such sticky expectations may be informed by policy histories which included periodic declarations of money growth and price-level stabilization plans which were subsequently reversed as a result of political-economic pressures to monetize government deficits, the recessionary costs of sticking to these plans in an environment of skeptical inflation expectations, or both.
Do we really have to explore the micro-foundations of workers' real or relative wage aspirations down to the level of individual households in order for the concept of wage-target behavior to be a useful analytical device for encapsulating - thus rendering tractable - certain relevant aspects (including market and other institutional constraints on workers' wage demands) of a particular historical context? 27 There are two additional reasons why it seems questionable to criticize the conflict approach on the basis of the absence of individual optimizers in Conflict Inflation as an Analytical Approach 27 particular conflict theories.
Under the conflict approach, on the other hand (that is, as a methodological perspective not reducible to particular models), conflict inflation is thought of in more general terms as a situation where some social groups successfully refuse to accept the constraint of the monetary relationships prevailing at the moment under consideration, [and where] this effective action of refusal instead of adaptation, calls forth substantial changes in the direction and size of the flows of goods and money, and involves the risk of setting off an inflation.
Distributional Conflict and Inflation: Theoretical and Historical Perspectives by Richard C.K. Burdekin