inflationary bias
(en)
the outcome of discretionary government policy that, under perfect foresight in the labor market, leads to a higher than optimal level of inflation and no transitory income increase
the wide belief among neoclassical economists and neoliberal policy-makers that democracy has an inherent "inflationary bias"
used as justification for putting central banks outside the reaches of democracy (insulating them)
notable
7 years, 5 months ago