The new inflation

the long version

Won't economists eventually solve the inflation problem? Slawson shows that supply-siders, Marxists and pragmatric middle-of-the-roaders are all basing their ideas on out-of-date assumptons. Most prices are no longer determined by supply and demand. With many vivid and easily understood examples, this book shows that inflation can no longer be stopped by price competition-by comsumers shopping for the "best value." Instead, sellers use nonprice forms of competition, such as advertising and new product development, to keep consumers buying. Raising interest rates or reducing government spending won't work either, without plunging us deep into recession. Slawson's solution is an entirely new system of wage and price control not requiring a large bureaucracy and consistent with full employment and America's return to vigorous competition with foreign business.