One of the possible consequences of demand pressures is rising prices. But rising prices
may occur due to a quite distinct set of influences, which may be classed as cost pressures …

(1) This paper is a statistical analysis of cost and price changes since the war, and tries to
explain why prices rose.(2) Part I presents estimates of the price (average value) of total final …

At first glance it would not appear difficult to distinguish between cases of inflation which are
due respectively to the push of wage increases and to the pull of demand. It seems …

INFLATION, OUTPUT, AND EMPLOYMENT: SOME CLARIFICATIONS DAN E. BIRCH,*
ALAN A. RABIN** and LELAND B. 1. INTRODUCTION The notion has become oddly …

Employment, Inflation and Growth Page 1 1962] Employment, Inflation and Growth' By AW
PHILLIPS 1. INTRODUCTION Since the end of the second world war economic policy and …

IN RECENT years the cost-push aspects of inflation have been voluminously debated.
Whether the emphasis is on the wage-price spiral, the profits-price spiral, or some …

1. The relationship of prices, wages production, and productivity in the UK, the US, and
Germany, is set out in Table I. The most striking feature of post-war development is the …

CHANGES IN AGGREGATE demand are the fundamental source of changes in the price
level. In the long run, the supply of resources determines the volume of real output, the …

Wage increases generally comprise two main parts-an increase to compensate labor for
inflation and an increase in real income to reflect productivity gains. Because there is no …

We have argued that the average level of prices is influenced not only by changes in
aggregate demand, but also by changes in its composition. Even if aggregate money …