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Noyola's Institutional Approach to Inflation

Published online by Cambridge University Press:  11 June 2009

Colin Danby
Colin Danby
Affiliation:
University of Washington, Bothell, danby@u.washington.edu.
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Extract

Juan Noyola is widely credited as an originator of the Latin American “structuralist” theory of inflation. His key contribution is a 1956 article comparing inflation in Mexico and Chile. However there is disagreement about the nature of this contribution, or even what “structuralist” means in this context. I argue that Noyola's innovation was grounding money and credit in a highly institutional political economy of class conflict. This grounding endogenized not only money, but also policymaking and the State.

Type
Research Article
Information
Journal of the History of Economic Thought , Volume 27 , Issue 2 , June 2005 , pp. 161 - 178
Copyright
Copyright © The History of Economics Society 2005

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