Abstract

To accept that the postulates of the Economic Theory have validity in any country
is to suppose the universality of the theory. The examination of the process of cost formation
in the productive system and of the income sources shows that the imposition of new
cost components in the economy brings movements for income accommodation, through
the acceleration of inflation up to a new equilibrium level. However, the new equilibrium
rate will depend on three factors: the share of the new costs components in the GDP; the
participation of the contractual income, like wages, in the GDP; and the periodicity of the
contractual income correction. These factors are different from country to country, refusing
the validity of the monetary theory supposition. This article shows that it is possible to conclude
on the “non-universality” of the Economic Theory. At last, if is correct to admit that
the larger the share of contractual incomes in the GDP more stable will be the economy, then
the income policy would be a strategic factor for the stabilization policy when the economy
is subject to cost shocks.

JEL Classification: B41; P10.