The present essay is the second in a series of three papers which examine alternative approaches to inflation. Here we identify some of the principal criticisms expressed against neoclassical views on price behaviour and business behaviour. These challenges grew from the early discovery of...

The thesis offers a new framework for inflation as a process of restructuring. Contrary to existing theories of inflation, which tend to take structure and institutions as given for the purpose of analysis, we argue that inflation could be understood only in terms of ongoing structural and...