Last year, G Carchedi and I developeda new Marxist approach to
inflation.
<https://thenextrecession.wordpress.com/2020/08/21/a-marxist-theory-of-inflation/>
We have yet to publish our full analysis with evidence. But the gist of
our theory is that inflation in modern capitalist economies has a
tendency to fall because wages decline as a share of total value-added;
and profits are squeezed by a rising organic composition of capital (ie
more investment in machinery and technology relative to employees).
This tendency can be countered by the monetary authorities boosting
money supply so that money/price/of goods and services rise even though
there is a tendency for the growth in the/value/of goods and services to
fall.
https://thenextrecession.wordpress.com/2021/02/14/deflation-inflation-or-stagflation/
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