Andrew Elrod on the Politics of Inflation Control

What's the responsible thing to do if inflation starts to rise? This week we talk with Andrew Elrod, who recently completed a dissertation on the history of wage and price controls in America between 1940 and 1980 at UC Santa Barbara. It turns out that mainstream American history offers a number of options for dealing with accelerating prices; monetary policy doesn't have to be the only game in town. "When my new theory has been duly assimilated and mixed with the politics and feelings and passions, I can't predict what the final upshot will be in its effect on action and affairs. The task of keeping efficiency wages reasonably stable... is a political rather than economic problem. I do not doubt that a serious problem will arise as to how wages are to be restrained when we have a combination of collective bargaining and full employment. But I am not sure how much light the analytical method can throw on this essentially political problem." - JMK ****** LINKS ****** Follow Andrew on twitter: @andrewelrod Check out more of his writing here: And the articles we discussed today here: *** MENTIONED *** Mark Erlich - David Weil - Fissured Workplace - Allen J. Matusow - The Unraveling of America: A History of Liberalism in the 1960s -

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Andrew Elrod on the Politics of Inflation Control is an episode from Reviving Growth Keynesianism by Robert Manduca and Nic Johnson.

This episode is 95:40 long.

This episode was published on Dec 10, 2021.

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