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Inflation, wages and equality: cross-disciplinary conversations

Edwards, Paul, Baden-Fuller, Charles, Pissarides, Christopher ORCID: 0000-0002-0695-058X, Rubery, Jill, Crouch, Colin and Taylor-Gooby, Peter (2023) Inflation, wages and equality: cross-disciplinary conversations. Journal of the British Academy, 11. pp. 25-41. ISSN 2052-7217

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Identification Number: 10.5871/jba/011.025

Abstract

Rising inflation and a wave of strikes during 2022 have aroused echoes of the 1970s. In this article, experts from the fields of economics, sociology and social policy consider what has changed, what remains the same, and what the lessons might be – with a notable degree of agreement. Raising wages, particularly for the lower-paid groups in the public sector, is likely to reduce poverty and has a very low risk of generating further price inflation. Giving in on pay will be costly, and may have to be funded by taxes in the short term. In the longer run the only way out of our difficulties will be more effective growth generated through improved productivity.

Item Type: Article
Additional Information: © 2023 The Author(s)
Divisions: Economics
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences
JEL classification: D - Microeconomics > D3 - Distribution > D31 - Personal Income, Wealth, and Their Distributions
D - Microeconomics > D5 - General Equilibrium and Disequilibrium > D53 - Financial Markets
Date Deposited: 10 Aug 2023 10:12
Last Modified: 16 May 2024 04:12
URI: http://eprints.lse.ac.uk/id/eprint/119966

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