Baran and the Danger of Inflation

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Abstract
This brief note has only one purpose: to point out that, apart from conservative fundamentalists, Paul Baran was perhaps the first economist to warn of the inflationary danger inherent in Keynesian fiscal and monetary policies. The Political Economy of Growth was published in 1957, but the main ideas were contained in lectures he gave at Oxford in 1953 and it is probably a justified inference that the following passage from the book expresses a position he had held at least since then and perhaps considerably earlier.This article can also be found at the Monthly Review website, where most recent articles are published in full. Click here to purchase a PDF version of this article at the Monthly Review website.

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