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business, consumers and workers. In post-war Hungary, the cost of living was
published each day and workers were paid daily so as to avoid the value of
their earnings falling. Businesses would have experienced great difficulty in
costing and pricing their production while the incentive for people to save
would have been removed.
Economists argue at length about the causes of, and ”cures” for, inflation.
They would, however, recognize that two general types of inflation exist:
- Demand - pull inflation;
- Cost - push inflation.
Demand - pull Inflation occurs when demand for a nation’s goods and
services outstrips that nation’s ability to supply these goods and services. This
causes prices to rise generally as a means of limiting demand to the available
supply.
An alternative way that we can look at this type of inflation is to say that it
occurs when injections exceed withdrawals and the economy is already
stretched (i.e. little available labour or factory space) and there is little scope to
increase further its level of activity.
Cost - push Inflation takes place when firms face increasing costs. This
could be caused by an increase in wages owing to trade union militancy, the
rising costs of imported raw materials and components or companies pushing
up prices in order to improve their profit margins.
Vocabulary Notes
a persistent rise - постоянный подъем
with no corresponding rise in output - не сопровождающийся подъемом
производства
briefly - коротко
potential benefits - потенциальные выгоды
varies considerably in its extent and severity - бывает разной по
длительности и остроте
hence - следовательно
mild inflation - мягкая, низкая инфляция
may pose few difficulties - особых проблем не представляет
business, consumers and workers. In post-war Hungary, the cost of living was
published each day and workers were paid daily so as to avoid the value of
their earnings falling. Businesses would have experienced great difficulty in
costing and pricing their production while the incentive for people to save
would have been removed.
Economists argue at length about the causes of, and ”cures” for, inflation.
They would, however, recognize that two general types of inflation exist:
- Demand - pull inflation;
- Cost - push inflation.
Demand - pull Inflation occurs when demand for a nation’s goods and
services outstrips that nation’s ability to supply these goods and services. This
causes prices to rise generally as a means of limiting demand to the available
supply.
An alternative way that we can look at this type of inflation is to say that it
occurs when injections exceed withdrawals and the economy is already
stretched (i.e. little available labour or factory space) and there is little scope to
increase further its level of activity.
Cost - push Inflation takes place when firms face increasing costs. This
could be caused by an increase in wages owing to trade union militancy, the
rising costs of imported raw materials and components or companies pushing
up prices in order to improve their profit margins.
Vocabulary Notes
a persistent rise - постоянный подъем
with no corresponding rise in output - не сопровождающийся подъемом
производства
briefly - коротко
potential benefits - потенциальные выгоды
varies considerably in its extent and severity - бывает разной по
длительности и остроте
hence - следовательно
mild inflation - мягкая, низкая инфляция
may pose few difficulties - особых проблем не представляет
