Journal of the British Academy

A multi- and interdisciplinary open access journal publishing articles in the humanities and social sciences. Supplementary issues publish thematic collections of papers, put together by guest editors. The Journal showcases high quality articles associated with the Academy’s own programmes, activities and interests.


Inflation, wages and equality: cross-disciplinary conversations

Paul Edwards, Charles Baden-Fuller, Christopher Pissarides, Jill Rubery, Colin Crouch and Peter Taylor-Gooby

Rising inflation and a wave of strikes during 2022 have aroused echoes of the 1970s. In this article, experts from the fields of economics, sociology and social policy consider what has changed, what remains the same, and what the lessons might be – with a notable degree of agreement. Raising wages, particularly for the lower-paid groups in the public sector, is likely to reduce poverty and has a very low risk of generating further price inflation. Giving in on pay will be costly, and may have to be funded by taxes in the short term. In the longer run the only way out of our difficulties will be more effective growth generated through improved productivity.

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Posted 10 March 2023.

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