Inflation Deflation International Transmission: A Research Based on the International Economic Perspective

Author: Deng Min
Publisher:
Publish Date: 2006-05-01
Features: Given the limitations of The Capital and the shortcomings of Western economic theory in studying deflation, due to the historical inheritance of economic theory research, a comprehensive, in-depth, systematic, and scientific study of deflation, including its causes and international transmission, must employ Marx's research methods. Based on the relevant theories of The Capital, it is also necessary to reasonably draw on the deflation theories of Western scholars, allowing the theory of deflation and its related research to develop and improve on the basis of inheritance. However, the key question is whether the principles of The Capital and the deflation theories of Western economics can be combined and applied? From an ideological perspective, commodity economies under different social systems have specific characteristics, but as an objective economic operating mechanism, commodity economy is generally applicable to all commodity-money relationships. In this sense, the experiences and accumulated thoughts of Western economic theory in revealing the common issues of commodity economy and large-scale social production are compatible with the general commodity economy revealed by Marx's theories.
Specifically, in the study of deflation, the views of The Capital and Western economic theory on monetary theory, price theory, etc., both differ and share certain consistencies, which can complement each other. Marx's research on the origin and essence of money, prices, and other aspects can address the shortcomings of Western economic theory in these areas, while the relevant research of Western economic theory can, to a certain extent, make up for the historical limitations of Marx's research. In particular, some methods and theories for studying deflation gradually formed by the inheritance, supplementation, and development of Western economic theory can provide specific methods, analytical tools, and theoretical references for deflation research.