Inflation As Restructuring. A Theoretical and Empirical Account of the U.S. Experience

Inflation As Restructuring. A Theoretical and Empirical Account of the U.S. Experience
Nitzan, Jonathan. (1992). Department of Economics. McGill University. (Thesis; English).

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Abstract or Brief Description

The thesis offers a new framework for inflation as a process of restructuring. Contrary to existing theories of inflation, which tend to take structure and institutions as given for the purpose of analysis, we argue that inflation could be understood only in terms of ongoing structural and institutional change. In the modern context of large-scale business enterprise, inflationary restructuring arises as an integral part of capital accumulation. On the aggregate level, inflation appears as stagflation, with the expansion of pecuniary values in the 'business' sphere depending on the strategic limitation of productive activity in the 'industrial' realm. This stagflationary interaction between 'business' and 'industry' is, in turn, linked (on the disaggregate level) to the dynamic formation and reformation of 'distributional coalitions' and the process of aggregate concentration. An empirical analysis of the U.S. experience between the early 1950s and the late 1980s reveals two regimes of inflationary restructuring: the first, which lasted until 1970, involved rapid increases in aggregate concentration with relatively modest stagflation, whereas the second, post-1970 regime consisted of stable (or even declining) concentration amidst severe stagflation.

Publication Type: Thesis
Keywords: accumulation aggregate concentration breadth business enterprise capital capitalism centralization competition conflict corporation credit crisis debt depth disequilibrium distribution distributional coalitions dual economy employment equilibrium equity expectations finance growth hedonic indices inflation institutionalism marginalism methodology monopoly neoclassical economics oligopoly ownership politics power price profit quality change risk ruling class sabotage stagflation stagnation state stock market technology unemployment United States US Veblen violence
Subject: BN Law
BN Theory
BN Data & Statistics
BN Region - Middle East
BN Cooperation & Collective Action
BN Industrial Organization
BN Institutions
BN Power
BN Business Enterprise
BN Value & Price
BN Crisis
BN Production
BN Macro
BN Money & Finance
BN Conflict & Violence
BN Science & Technology
BN Methodology
BN Distribution
BN Agency
BN Comparative
BN Micro
BN Capital & Accumulation
BN Class
BN Labour
BN Growth
Depositing User: Jonathan Nitzan
Date Deposited: 14 Aug 2006
Last Modified: 21 Dec 2015 20:42
URI: http://bnarchives.yorku.ca/id/eprint/207

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