Statement by Michael H. Moskow Before the Senate Budget Committee

by Michael H. Moscow on February 26, 1976
by Michael H. Moscow

Traditionally inflation has been viewed as a problem that occurs in the advanced stage of an economic expansion. This belief sprang from a notion that the primary cause of inflation was excessive demands for goods and services relative to the existing productive capacity of the economy. In other words. inflation was a reflection of labor shortages and high rates of capacity utilization. The corollary of this principle, of course, was the assurance that when an overheated economy cooled off, the inflationary fires would also subside…

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