Friday , March 29 2024
Home / Real-World Economics Review / Consumer prices 1209-2020

Consumer prices 1209-2020

Summary:
From Jonathan Nitzan and Shimshon Bichler This long-term consumer price series shows that, after 1900, inflation changed in two important ways: 1. Magnitude: Until 1900, UK’s annual inflation rate averaged 0.4%. From 1900 onward, it averaged 4.0%. 2. Direction: Until 1900, consumer prices went up and down. From 1900 — with the exception of the great depression — they went only up. *** The reason for this change has had a lot to do with the new capitalist mode of power — specifically: 1. The emergence of large, government-backed corporate coalitions; 2. The rise of large-scale forward-looking capitalization/vendible capital; 3. The consolidation of full-cost/administered prices.

Topics:
Editor considers the following as important:

This could be interesting, too:

Editor writes new issue of Real-World Economics Review

John Quiggin writes Towards deliberative Parliaments: Greens success at recent elections points the way

Editor writes Long Read – Is Bitcoin more energy intensive than mainstream finance?

Peter Radford writes Weekend read – The trouble with words

from Jonathan Nitzan and Shimshon BichlerConsumer prices 1209-2020

This long-term consumer price series shows that, after 1900, inflation changed in two important ways:

1. Magnitude: Until 1900, UK’s annual inflation rate averaged 0.4%. From 1900 onward, it averaged 4.0%.

2. Direction: Until 1900, consumer prices went up and down. From 1900 — with the exception of the great depression — they went only up.

***

The reason for this change has had a lot to do with the new capitalist mode of power — specifically:

1. The emergence of large, government-backed corporate coalitions;

2. The rise of large-scale forward-looking capitalization/vendible capital;

3. The consolidation of full-cost/administered prices.

Leave a Reply

Your email address will not be published. Required fields are marked *