Wage-price spiral

[1] Greg Mankiw writes, "At some point, this spiral of ever-rising wages and prices will slow...

The term "wage-price spiral" appeared in a 1937 New York Times article about the Little Steel strike.

[3] According to Daniel J.B. Mitchell and Christopher L. Erickson, the concept fell out of favor with the decline of unions and collective bargaining.

"[4] Olivier J. Blanchard argues that the concept fell out of favor with the rise of rational expectations theory.

"[8] Wage-price spirals will break naturally if the quantity of money is not increased, albeit in the meanwhile "there will for a time be a continuation of inflation" as well as "some measure of recession and unemployment".