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Controlling Inflation at the Expense of Working Class*
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Sep 5th 2022, Prabhat Patnaik
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Economists
distinguish between two kinds of inflation: "demand-pull"
and "cost-push". Demand-pull inflation is
said to occur when there is excess demand in a situation
where supply cannot be augmented, because full capacity
output has been reached in one or more crucial sectors.
*
This article was originally published in People's
Democracy on September 4, 2022.
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