wage-price spiral

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Wage-Price Spiral

The phenomenon in which prices for goods and services rise, which causes employees to demand higher wages. This added expense on business causes higher prices, which leads to still higher wages, and so forth. The wage-price spiral is alternately described as a cause or a symptom of inflation, depending on one's economic philosophy.
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wage-price spiral

see INFLATIONARY SPIRAL.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005