INFLATION SPIRALS AND SELF-REPLICATION OF INFLATION
Abstract
Inflation is a complex socio-economic phenomenon, whose formal sign is the depreciation of money. Most often it is expressed in the form of rising prices, although it also has other manifestations. The economic substance of this phenomenon lies in the area of public reproduction and the socio-economic relations about the distribution of public product and public wealth. In this article, the self-replicating nature of inflation is shown and genesis and evolution of inflationary process at all stages of public reproduction are analyzed. It is shown that each of the stages has the mechanisms capable of generating inflationary potential. The category of “inflationary spiral” is explained in more detail, because it cannot be presented only by a traditional “costs – prices” mechanism. Inflationary spirals can be observed at any stage of the reproduction process, making the task of managing inflation even more difficult. It causes the need for the complex accounting of all the variety of factors of the inflationary process and the inflation consequences in the formulation of an economic policy.References
Domashchenko, D. (2016). Correlation between Economic Growth, Oil Prices and the Level of Monetization of Economy in Oil and Gas Exporting Countries: Challenges for Russia. Economic and Social Changes: Facts, Trends, Forecast / Ekonomicheskiye i sotsial'nyye peremeny: fakty, tendentsii, prognoz, vol. 1 (43), pp. 96-107. WOS: 000371913400007
Kirillovskaya, A.A. (2016) The Newest Economic Policy, Government Regulation of the Economy and Economic Security. Globalization and its Socio-Economic Consequences. 16th International Scientific Conference Proceedings. ZU - University of Zilina, 5th -6th October 2016, Rajecke Teplice, Slovak Republic. Pp. 870-875. WOS:000393253800108
Kotcofana, T. (2007). The Components of Inflation: the Reproductive Approach. Vestnik of Saint-Peterburg University. Ser.5: Economics, vol. 4, pp. 41-50. RSCI: 16531561
Nusratullin, V.K. (2010) Rentnaya teoriya inflyatsii [Rental theory of inflation]. Ufa: Eastern Economics, Law and Humanities Academy
Pashkus, V.Y. (2016) Evaluation of City Brand in the Global Economy: Techniques and Perspectives. Globalization and its Socio-Economic Consequences. 16th International Scientific Conference Proceedings. ZU - University of Zilina, 5th -6th October 2016, Rajecke Teplice, Slovak Republic. 2016. Pp. 1635-1641. WOS:000393253800202
Pressman, S., & Holt, R.P.F. (2008) Nicholas Kaldor and cumulative causation: Public policy implications. Journal Of Economic Issues, vol. 42, iss. 2, pp. 367-373. WOS:000256876700008
Protasov, A.Yu. (2011) Inflation in the Economy of the USSR: Nature, Cyclical Trends, Lessons for Modern Russia.// Vestnik of Saint-Peterburg University. Ser.5: Economics, vol. 4, pp.116-129. RSCI: 17037732
Shershnev & Larionov (1999) Prodovol'stvennyy rynok SSHA, kak spetsializirovannaya sistema sbyta [The US food market as a specialized sales system]. Food Industry, №1. С. 43 - 51.
Tsatsulin, A. N., Babkin, A. V., & Babkina, N. I. (2016). Analysis of the Structural Components and Measurement of the Effects of Cost Inflation. Vision 2020: Innovation Management, Development Sustainability, And Competitive Economic Growth, 28th International Business-Information-Management-Association Conference. Seville, Spain, Nov 09-10, I - VII, pp. 1559-1573. WOS:000392785700157
Tuzova, Y., & Qayum, F. (2016). Global Oil Glut and Sanctions: The Impact on Putin’s Russia. Energy Policy, vol. 90, pp. 140-151. https://doi.org/10.1016/j.enpol.2015.12.008. WOS: 000370104500014
Xiang Baolin, & Xiao Xiaoyong. (2009). Study on the Effect of Minimum Wages in China. Proceedings Of The 4th International Conference On Product Innovation Management, Wuhan, PEOPLES R CHINA, Aug 22-23, I, II, pp. 1126-1131. WOS:000271211500208
Copyright information
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (Creative Commons Attribution License 3.0 - CC BY 3.0) that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
info@iseic.cz, www.iseic.cz, ojs.journals.cz
