CHAPTER II
Effects of Wage-Fixing on Unemployment and Inflation
In the preceding chapter we expressed the opinion that one of the main factors leading to the present combination of unemployment and inflation was the increased ability and willingness of trade unions and similar monopolistic pressure groups to aim at increases in real standards of living which exceed the increases in real output available after deduction of an acceptable profit margin. In this chapter we will examine more closely the causes and effects of this wage-fixing phenomenon, which operates through uncontrolled monopolistic wage bargaining and which results, with or without the concomitant of strikes, lock-outs, or similar industrial dislocation, in the setting of fixed ...
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