This study contains a review and presentation of critical analysis of the concepts explaining the nature and causes of inflation in the contemporary capitalism, which prevail in the Anglo-American literature. The first chapters discus s both " traditional concepts of inflation" i .e . demand and cost inflation. They both derive from the same Keynesian theoretical roots , and they interpret - in the author ’s opinion - inflationary phenomena in a rather complementary than mutually exclusive way. Discussions among supporters of both concepts constituted a fundamental issue in inflation theories of the sixties . Later on, the polemics were focused around the so-called Phillips ' curve and different interpretations of the unemployment-inflation trade-off . Accordingly, consecutive chapters of the study have been devoted to discussion of these problems. The monetarist hypothesis of natural unemployment rate is opposed to Philips’ curve, which from the illustration of statistical correlation was transformed (not quite accurately) in to an important element of the Keynesian employment and inflation theory. The former represents a contemporary version of neoclassical vision of the self – regulating market economy. The essence of a controversy in the inflation theory of the last few years lies in confrontation of Keynesianiam and neoclassical economy represented by the monetarism. Quite a big digression has been made when discussing the latest trend in studies on inflation - analysis of inflationary expectations. The study ends with final remarks, in which the author has outlined basic elements of model within the framework of which ( in the author ’s opinion) there should be analyzed the causes and the very essence of inflation. This model carries some features of a structural approach, and cooperation of its following elements: ( 1 ) monopolistic marked structures , ( 2 ) massive economic intervention of the state and its integral part - the system of paper money, and ( 3 ) all major dynamic processes accounts for creation and consolidation of inflationary processes. Zadanie pt. „Digitalizacja i udostępnienie w Cyfrowym Repozytorium Uniwersytetu Łódzkiego kolekcji czasopism naukowych wydawanych przez Uniwersytet Łódzki” nr 885/P-DUN/2014 dofinansowane zostało ze środków MNiSW w ramach działalności upowszechniającej naukę