| 单词 | cost-push inflation |
| 释义 | cost-push inflation cost-push inflation An increase in the prices of goods or services caused by increases in the cost of inputs (especially wages and raw materials). As an explanation of inflation, cost-push theories became popular in the 1970s when they appeared to explain the rapid inflation of that period, which followed on from very rapid rises in wages and the increases in oil prices. However, the theory is also widely criticized as: (a) it describes only changes in relative prices (e.g. oil) rather than rises in the general price level (which is how inflation is defined); and (b) most economists would now agree that price rises can only continue if there is an accompanying increase in the money supply. |
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