Cost of Living
Prices keep rising but wages do not. Is this a crisis or how the system works? Hear how inflation affects us all and what the future might hold.
As prices keep on rising while wages stagnate, it becomes more and more expensive for ordinary people to afford the basic essentials. Does this inflationary pressure constitute a crisis in capitalism or should we understand it as a normal function of the system? What are the different ways that inflation can be managed and how does this effect who wins and loses? What effect will the shocks of climate change have on prices in the future?
Martijn Konings is Professor of Political Economy and Social Theory at the University of Sydney. He joins Chris Saltmarsh and Dillon Wamsley to discuss the resurgence of inflation in the 2020s, the role of central banks and governments in responding to inflation, and how inflation interacts with crisis in capitalism.
Recommended reading:
1) Montgomerie, 'COVID Keynesianism: locating inequality in the Anglo-American crisis response', Cambridge Journal of Regions, Economy and Society, 16 (2023)
2) Weber & Wasner, 'Sellers’ inflation, profits and conflict: why can large firms hike prices in an emergency?', Review of Keynesian Economics, 11 (2023)
3) Lindberg & Maier, The Politics of Inflation and Economic Stagnation (Brookings Institution Press, 1985)
Works referenced in this episode:
1) Martijn Konings review of Stiglitz on freedom
2) Martijn Konings' book The Bailout State (2024)
3) Isabella Weber on strategic price controls
4) Hyman Minsky on the 1929 crash and Great Depression
Credits
- Host and Producer: Chris Saltmarsh (Postgraduate Researcher at the University of Sheffield)
- Host and Producer: Dillon Wamsley (Postdoctoral Researcher at the University of Sheffield)
- Guest: Martijn Konings (Professor of Political Economy and Social Theory at the University of Sydney)
- Podcast Produced By: SPERI Presents… Committee
- Music By: Andy_Gambino
