Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics

B. B. Bhattacharya , Madhumita Lodh

Abstract

Inflation is a major issue in macroeconomics. It is also one of the most controversial subjects in economics. The debate between the monetarists and the non-monetarists on the control of inflation has a long history, and as of now there does not appear to be any consensus emerging on this. The basic contention of the monetarists is that inflation is essentially a monetary phenomenon : the result of excess supply of money over demand.

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