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Money Wages in the Keynesian and Monetarist Explanations of the Transmission Mechanism Linking Money and Prices

In: Inflation and Income Distribution in Capitalist Crisis

Author

Listed:
  • J. A. Kregel
Abstract
Two currents run consistently through Sidney Weintraub’s approach to economics: the proposition that the level of money prices is primarily determined by the level of money wage rates and labour productivity, and the corollary proposition that full employment can be facilitated by control of inflation through incomes policies to provide the necessary co-ordination between the rate of change in money wages and productivity. While these points were characteristic of his approach to the subject, they appeared alien to the profession when Weintraub first put them forward, even though they reflected a long tradition in economics that pre-dates Adam Smith and which was revived by Keynes: the central role of labour in the economic process.

Suggested Citation

  • J. A. Kregel, 1989. "Money Wages in the Keynesian and Monetarist Explanations of the Transmission Mechanism Linking Money and Prices," Palgrave Macmillan Books, in: J. A. Kregel (ed.), Inflation and Income Distribution in Capitalist Crisis, chapter 4, pages 69-81, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08833-1_5
    DOI: 10.1007/978-1-349-08833-1_5
    as

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