Abstract
Although even before the end of World War II the world was preparing itself to fight a relapse into stagnation, the harrowing role inflation was to have as a constant in the post-war economic scene was scarcely perceived. This resulted in several countries’ policy makers being caught off guard, with inflation proving to be a most intractable problem. The present article argues for a shift in emphasis in economic policy from monetary and fiscal issues towards growth, its determinants and its relationship to anti-inflation policies. The evolution of thinking on the problem of inflation is first considered. Employment and growth are then analysed in relation to inflation and economic policy. The author points out that full-employment and growth are neither synonymous nor interchangeable.
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