Introduction
Stagflation is not merely a technical anomaly of macroeconomic indicators. It is a profound institutional crisis resulting from the collision of three levels: nominal income claims, financial balances, and the global monetary order. Understanding this phenomenon requires moving beyond simple supply and demand models to recognize it as a fundamental dispute over the distribution of the social product. This article analyzes how economic policy, instead of mitigating conflicts, often becomes a tool for shifting costs onto the system's weakest participants.
Stagflation as a Conflict of Claims and Financial Instability
Stagflation is a state of synchronization conflict, where the struggle for wages and margins clashes with debt burdens and international requirements. In this context, supply-side economics serves as an ideology legitimizing income redistribution toward the wealthiest under the guise of "unleashing talent." Hyman Minsky points out that long-term stability inevitably breeds an appetite for risk, and state interventions, while saving the system, perpetuate its fragile structure and generate moral hazard.
In turn, Paul Davidson defines monetarism as economic Darwinism. He criticizes treating prices as a simple thermostat, arguing they are an arena for a brutal dispute over income. An alternative to the "monetary bludgeon" and the induction of recessions is a Tax-based Incomes Policy (TIP