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ratchet effect

noun

  1. intermittent growth, increase, expansion, or the like:

    the ratchet effect of defense expenditures.



ratchet effect

noun

  1. economics an effect that occurs when a price or wage increases as a result of temporary pressure but fails to fall back when the pressure is removed
“Collins English Dictionary — Complete & Unabridged” 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012


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Word History and Origins

Origin of ratchet effect1

First recorded in 1965–70
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Example Sentences

VAT rates show little evidence of a ratchet effect during the era of price stability.

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