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Home » Economics Homework Help » Macroeconomics Help » Inflation and Unemployment
Inflation and Unemployment
In this particular aspect of macroeconomics we will discuss about the problem of inflation which is as old as market system. But, a persistent, continuous and high rate of inflation-generally,5% or more-has emerged during the post-War II period as the most intractable economic problem for both theoreticians and policy makers all over the world. The problem of inflation has received a more serious attention since the early 1970s. a continuous rise in the general price level over a long period of time has been most common feature of both developed and developing economies. The persistent inflation and the problems associated with inflation have claimed more attention of the economists, policy makers and politicians than any other macroeconomic problem. This has led to abounding increase in the politicians than any other macroeconomic problem. This has led to abounding increase in the literature of inflation. Theories of inflation seek to explain the causes and sources of inflation. In addition, we will discuss the various measures suggested by the outset that the perception and sources of inflation have been a matter of controversy between the classicalists and the Keynesians, between the Keynesians and the monetarists. The divergent views on the causes of inflation have led to the emergence of various theories of inflation. We discuss here the theories of inflation in their chronological order just to show the order of the development of the inflation theories over time.

Controlling inflation drastically might affect the growth rate might aggravate the unemployment problem of the country. This kind of situation creates a dilemma for the policy makers as to whether or not to control inflation. The dilemma arises because economists have found that controlling or ignoring inflation, both have various kinds of undesirable effects on the economy. Therefore, the question ‘whether inflation should be controlled, and if yes, then to what extent’, has been the foremost concern of the macro-economists and the policy makers alike, over the past three decades, especially in the industrially advanced countries. Turning to the problem of inflation and unemployment, because of its policy implications, the relationship between the rates of unemployment has received more attention in contemporary macroeconomics than any other economic issue. The reason is that most of the industrialized and developing economies have been plagued, paradoxically though, with the problem of co-existence of unemployment and inflation, though the magnitude of the problem has been different in different countries.

We are concerned in this aspect mainly with the relationship between inflation and unemployment. However, we have said so far little about the nature and types of unemployment, which would figure often in the following discussion.

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