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ratchet effect

noun
1.
intermittent growth, increase, expansion, or the like:
the ratchet effect of defense expenditures.
Origin
1965-1970
1965-70
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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British Dictionary definitions for ratchet-effect

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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12
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