So if somehow, we were able to completely eliminate monopoly power, this cycle of increased wages, increase prices, increase wage, increase prices, would not Ian McKellen 60th Anniversary 1961-2021 thank you for the memories signature shirt, that is excess inflation, could NOT occur. This is why controlling monopoly power would affect both the unemployment rate at which excess inflation may start to occur, and possibly reduce the magnitude of the excess inflation. On the other hand, baseline inflation occurs because people have gotten used to it occurring at a certain rate and expect it, so incomes and prices go up at a regular rate. In the hypothetical world of a perfectly competitive market, baseline inflation could still occur.
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