Towards a Marxian critique of inflation targeting
by Andrew Trigg
International Journal of Pluralism and Economics Education (IJPEE), Vol. 4, No. 3, 2013

Abstract: The whole corpus of the economic establishment has reached a consensus that independent central banks should target inflation. Using the base rate of interest, aggregate demand should be set to ensure that there is an equilibrium level of employment and unemployment. The upshot is that any attempts either by workers to increase wages, or by government to stimulate higher employment, are futile - resulting in spiralling wage and price inflation. In this paper, a Marxian critique of inflation targeting is suggested. Using Marx's theory of exploitation, wage labour can be shown to eat into the vast pool of profits, without any impact on inflation.

Online publication date: Wed, 30-Apr-2014

The full text of this article is only available to individual subscribers or to users at subscribing institutions.

 
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.

Pay per view:
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.

Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Pluralism and Economics Education (IJPEE):
Login with your Inderscience username and password:

Username:        Password:          Forgotten your password?

Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.

If you still need assistance, please email subs@inderscience.com