An analysis of inflation in Scotland and the UK

Oswald, Andrew J. (1976) An analysis of inflation in Scotland and the UK. Quarterly Economic Commentary, 1 (3). pp. 17-41. ISSN 0306-7866

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This article attempts to analyse the recent inflationary experience of the Scottish and UK economies. Unfortunately at the present time the lack of data on prices in Scotland has proved to be an almost complete deterrent to both study and discussion in this area, contrasting with the situation for the UK as a whole where an adequate supply of data has allowed the necessary analysis and debate. Thus, while information on comparative wage inflation rates is examined, the second section of the article is a largely qualitative analysis of the inflationary process in the Scottish economy. Research on inflation has changed radically over the last few years but the results of the new work are only now beginning to permeate public discussion. This article may help to disseminate this new information as well as to highlight the very real differences of opinion that exist. However, before discussing the modern current of inflation analysis it is worthwhile to consider the previous orthodoxy and the factors which produced the impetus for change.