David Caplovitz
Publications 16
#1James B. RuleH-Index: 16
#2David CaplovitzH-Index: 5
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#1David Caplovitz (CUNY: City University of New York)H-Index: 5
The idea of studying inflation occurred to me in April of 1974. At that time, the inflation rate was soaring to over 10 percent and unemployment was also climbing sharply, a state of affairs that economists had long insisted could not happen. Conventional economic wisdom held that, when inflation was high, unemployment would be low and vice-versa. The anomaly of high unemployment and high inflation was shaking not only economics but also the political establishment as well.
A survey of almost 2000 families in 1976 found that 59 percent had fallen behind rising prices and almost as many, 52 percent, were hurting because of inflation. The families most affected by inflation and recession were the less privileged ones, those of low income, the retired, the semiskilled and unskilled, and members of minority groups, the Blacks and Spanish speaking. A variety of coping mechanisms were identified, ranging from income-raising strategies such as taking second jobs, having a...