Wage–price spiral

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Science and technology

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What Wikipedia says

In macroeconomics, a wage–price spiral (or, conversely, a price–wage spiral) is an explanation for inflation, in which wage increases cause price increases, which in turn cause wage increases, in a positive feedback loop. Greg Mankiw writes, "At some point, this spiral of ever-rising wages and prices will slow...

Excerpt from the Wikipedia article “Wage–price spiral”, under the CC BY-SA 4.0 license. Read the article on Wikipedia

Image: TradingEconomics.com, CC BY 3.0, via Wikimedia Commons.