The Marxist Theory of Inflation in Shaikh
Keywords:
Inflation, Marxism, ShaikhAbstract
Shaikh proposes a theory of inflation taking into account aggregate demand and supply. In his explanation of demand he considers the monetary factors that drive purchasing power in the product market. In turn, aggregate supply is influenced by three elements, profitability, the liquidity position of firms and an investment constraint. Depending on how supply reacts to aggregate demand, the new purchasing power injected into the economy will either boost output or flow into prices.
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