ratchet effect
noun
intermittent growth, increase, expansion, or the like: the ratchet effect of defense expenditures.
Origin of ratchet effect
First recorded in 1965–70
Words nearby ratchet effect
ratbaggery,
ratbite fever,
ratcatcher,
ratch,
ratchet,
ratchet effect,
ratchet jack,
ratchet wheel,
rate,
rate base,
rate card
British Dictionary definitions for ratchet effect
ratchet effect
noun
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