A General Theory of the Price Level, Output, Income Distribution, and Economic Growth

By Sidney Weintraub | Go to book overview

10
Wage Policy: A Way Out

If monetary policy and a great central bank cannot control inflation without leading us to recession, what is the way out?

Control over M has been pooh-poohed. The other important variables may be enumerated, and eliminated in order.

V--there is no way of controlling this, as Selden tells us. It takes us up or down over time. It never holds us very stable.

A, average productivity, is likewise beyond direct influence, as are N and Q. About all a government can do with either, aside from creating a favorable tax climate and price level--employment stability, is to exhort. But this influence blows quick and wears short.

The "magic constant" k seems safely beyond our reach. This leaves only w as a possibility.*


Watch-Tower Control

Does this mean that government must sit in on all collective bargaining negotiations, or approve all wage increases,

____________________
*
That great central banker, Allan Sproul, formerly President of the Federal Reserve Bank of New York, sensed this as well as the futility of trying to prevent price increases after wage increases through the agency of monetary control. See his remarks at the University of California, Berkeley, May 10, 1958.

-89-

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A General Theory of the Price Level, Output, Income Distribution, and Economic Growth
Table of contents

Table of contents

  • Title Page iii
  • Preface vii
  • Contents ix
  • Introductory Note 1
  • 1 - A New Predictive Theory 3
  • 2 - The Basic Truism 9
  • 3 - The Partition and Measure of Elements 13
  • 4 - The Law of k 33
  • Conclusion 43
  • 5 - The Law of the Price Level 45
  • 6 - On Predicting the Price Level 57
  • 7 - The Wedding Ceremony: Price Level and Aggregate Output 69
  • 8 - The Eclipse of the Equation of Exchange 75
  • Conclusions 83
  • 9 - A Miscast Federal Reserve 85
  • 10 - Wage Policy: A Way Out 89
  • 11 - Decomposing k 93
  • 12 - An Empirical Macroeconomic Theory of Income Distribution 105
  • 13 - A Final Price Level Generalization 109
  • 14 - The Price Level Over Time: The Final Synthesis for a Growing Economy 111
  • Conclusion 118
  • Concluding Note 119
  • Index 121
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