Inflation and Unemployment
Causes, Consequences and Cures
A lucid introduction to the costs of unemployment and inflation, this book analyses the ways in which these two issues profoundly influence the conduct of economic policy.
Based on economic events and policies in the UK and US, Inflation and Unemployment argues controversially against the New Right claim that inflation causes unemployment. The effects of unemployment on the financial, mental and psychological well being of unemployed people are investigated and the impact of inflation on the distribution of income and wealth is assessed. In conclusion Graham Dawson suggests that recent macroeconomic policy in the UK and US has tended to overstate the dangers of inflation and understate the unemployment costs of disinflation.
Written in a lively and accessible style, this book provides a new understanding of key features of the modern economy.
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What Reviewers Are Saying
`This book is well written, interesting and comprehensive. It is a natural successor to the books on inflation by Fleming and Trevithick which so many readers found invaluable.' -- David Gowland, University of York, UK `. . . Dawson's book would be a very useful addition to students' reading lists for the topics of both unemployment and inflation.' -- Jonathan Michie, The Economic Journal `Economic Policy under Reagan and Thatcher was synonymous with monetarism, supply-side measures and an exaggerated priority assigned to curing inflation rather than reducing unemployment. These doctrines continue to characterise the economic policies of President Bush and Prime Minister Major. But do the costs of inflation actually exceed the costs of unemployment as is so often implied by politicians and financial journalists? I doubt it and so does Dr Dawson. In this fascinating book, he demonstrates that the economic and social costs of unemployment are far greater than even double-digit, not to mention single-digit, inflation. It follows that there is something very wrong with the economic policies being pursued in both Washington and London.' -- The late Mark Blaug, formerly of the University of London and University of Buckingham, UK `For too long, economic policy making has been wrapped in a dogma presented as truth. Graham Dawson's book shows us a more efficienct, more humane alternative.' -- Brian Atkinson, Economics and Business Education