Return of Inflation

Paul Mattick is Emeritus Professor of Philosophy at Adelphi University, New York. He is the author of Business as Usual (Reaktion, 2012) and Theory as Critique: Essays on Capital (2019), and editor of Reaktion’s Field Notes series. He is the former editor of the International Journal of Political Economy, and lives in San Francisco.

"The Return of Inflation distinguishes itself by placing contemporary events within the broader context of capitalism’s history. Mattick skillfully entwines the past and the present, providing readers with a comprehensive understanding of the economic forces at play . . . Mattick’s insightful exploration provides a nuanced perspective on the current economic challenges and offers a valuable resource for those seeking clarity on the defining economic concern of our time." - Politics Today"According to Paul Mattick, “economists have a long record of theoretical and predictive failure". This book, from a left-wing perspective, argues that modern capitalism is inherently inflationary." - Nature"In The Return of Inflation, Mattick gives a potted history of inflation . . . He provides a useful section in which he explains how “inflation” (as it has come to be defined) is measured by a rise in a consumer price index based on the prices of a changing basket of goods and services that consumers typically buy and discusses the limitations of this . . . Mattick’s explanation of the continuous rise in the general price level since 1940 is that “inflation has taken the place of recession” . . . Mattick is neither a professional nor an academic economist; which is probably why his book is written in simple English and easy to follow." - Adam Buick, Socialist Standard"Accessible and clear . . . Mattick has long been working at the coal face of radical economic theory, from within orthodox economics (as here) and from within Marxist theory. His avowed project is to bridge the gap between Marx’s ideas and their application to present-day circumstances. Nothing could be more relevant, whether from inside or outside the academy" - H-Socialisms"Economic theorists and policy-makers have long misconstrued the causes and cures for inflation. Paul Mattick provides an eye-opening account of that failure, and a brilliant, lucidly presented analysis of the inherently inflationary logic of modern-day capitalism. Indispensable for all those concerned about the welfare of working people." - Steve Fraser, author of The Age of Acquiescence"A reader looking for a clear, well-researched account of the history and theories of inflation and the workings of monetary institutions from a critical, left-wing perspective will not find a better source than Paul Mattick’s The Return of Inflation." - Duncan K. Foley, Emeritus Leo Model Professor of Economics, New School for Social Research

• IntroductionChapter 1: Money, Goods, and PricesChapter 2: The Age of InflationChapter 3: Theories and PoliciesChapter 4: Modern MoneyChapter 5: Prices and ProfitsChapter 6: From the Great Inflation to the End of Magic MoneyReferencesBibliographyAcknowledgementsIndex