Rising Prices: 1899-1913 and 1950-1979

This paper compares the inflationary experience of 1899-1913 with that of our own day. The period 1899-1913 is of special interest because, apart from our own, it is the only period of rising prices over the past century which did not have a major war for its background. The two periods have two oth...

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Bibliographic Details
Published in:The Scandinavian journal of economics 1980-01, Vol.82 (4), p.425-436
Main Author: Lewis, W. Arthur
Format: Article
Language:English
Subjects:
Commodities
Commodity prices
Cost of living
Economic growth rate
Economic inflation
Economics
Inflation
Keynesianism
Price levels
Prices
Productivity
Unemployment
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Summary:This paper compares the inflationary experience of 1899-1913 with that of our own day. The period 1899-1913 is of special interest because, apart from our own, it is the only period of rising prices over the past century which did not have a major war for its background. The two periods have two other elements in common. First, in both there was a real or expected shortage of primary commodities. Secondly, in both money incomes tended to outrun productivity. A third element of our own day, which was not shared by 1899-1913, is that the upward movement of wages is tied to the cost of living. We shall examine each of these elements.
ISSN:0347-0520
1467-9442
1467-9442
DOI:10.2307/3439675