Year: 1979
Type: article
Abstract: I r m s Librar' Y --Inflation and productivity are the most persistent economic problems confronting the U.S. economy.Both represent a serious threat to the position f the United States in the world economy and in world polity.Both are serious obstacles to achievement of a degree of equity In the quality of life which has come to be taken as a major goal of domestic economic policy.The central thesis of this paper is the dialectical interaction between inflation and productivity.Inflation dampens productivity growth and slower productivity growth contributes to inflation.The National Economy The rate of inflation has gradually risen from 2 percent per year or less in the 1950s and early 1960s, to the 4-6 percent range in the late 1960s and early 1970s; and to the 6-10 percent range in the mid and late .1970s (Figure 1).The inability of the old macro-economics to provide effective and acceptable guides to economic policy has induced the emergence of a *Paper presented to the joint annual meeting of the American Agricultural Economic Association and the Western Economic Association, PullmPn, Washington,
DOI: 10.2307/3180342
Author: Vernon W. Ruttan
Institution: University of Minnesota
Language: English
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1976700951