4 ms·
This is true, but economics isn't instant (not that you're saying it is; it's just an interesting thing to think about). If people stick to their guns, a few ye
by EliRivers 9y ago
This is true, but economics isn't instant (not that you're saying it is; it's just an interesting thing to think about). If people stick to their guns, a few years down the line we'll either see increased food costs to consumers in the US to cover those higher wages, or we'll see reduced food production in the US and cheaper food being imported from overseas (I suspect it would be the latter if allowed to run, but I suspect also that subsidies and other such things would be created to enable food production to remain in the US with the extra costs Joe Public is paying for it hidden).
In the meantime, though, crops will rot, farms will go under, and so on.
- humanrebar 9y ago> economics isn't instant We'd like to think so, but the housing downturn happened pretty quickly. In fact, governments around the world went through a lot of effort to slow "economics" down.
- EliRivers 9y agoDid it? I thought the housing downturn was years in the making. Sure, the moment at which house prices went from increasing to decreasing was a single instant, but that's true of everything that changes from increasing to decreasing.