Inflation

Inflation, the Phillips Curve, and wages

Inflation, the Phillips Curve, and wages

With high inflation continuing, mainstream right-wing economists and pundits seem very concerned with a mythical beast called the 'wage-price spiral'. These spirals are not real and are simply an attack on working people with the poorest bearing most of the brunt of the policies of wage control. Here we look at why this is and the correct response to it.