By A P Thirlwall
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Additional resources for Inflation, Saving and Growth in Developing Economies
Cost and expectations models merge; demand and cost models certainly merge. The difficulty of diagnosing cost-push and demand-pull has been colourfully described by Sir Dennis Robertson: 1 When the economic stalactite of inflated demand has met a sociological stalagmite of upthrusting claims; and when stalactite and stalagmite meet and fuse in an icy kiss. . nobody on earth can be quite sure just where the one ends and the other begins. In the event of a government wishing to restrain an inflation already under way, it is vital for policy to distinguish between the initiating causes of an inflation and its propagation mechanisms.
Two main forms of redistribution can be expected to take place which will be favourable to saving and investment. First, there will be redistribution within the private sector of the economy: from the personal 24 INFLATION, SAVING AND OROWTH sector to the corporate sector, from wages to profits. Second, there will be redistribution from the private sector to the government sector. Income redistribution to government comes about because inflation represents a tax on money holdings, the revenue from which accrues to the beneficiaries of the increase in the money supply - namely the issuers of money.
The neo-classical approach on which Keynes built is particularly relevant in the context of developing countries which are not fully monetised, and in which the range of financial assets is continually expanding. 2) Putting the equation of exchange in this form highlights the fact that the supply of money must equal the demand for money in equilibrium, and that ifM increases equilibrium can be restored either by a change in Ka or PY. If Ka and Yare fixed then prices must rise to restore equilibrium.
Inflation, Saving and Growth in Developing Economies by A P Thirlwall