A symposium on inflation

Abstract

Inflation is widely regarded as the major problem facing the world economy. After more than a decade of relatively slow growth in wage and price levels, following the inflation associated with the Korean war, wages and prices began to rise sharply in the late 1960s. By 1970, Korean war levels of inflation had been surpassed in some countries, a decline in 1971-72 was not sustained and there was further acceleration from late 1972. By 1973 wage and price inflation were running at the highest levels of the post-war period.