3 ms·
Also, lets say we wave a want and everyone making less than 15 USD suddenly does. What would happen in today's climate? What has happened where I live as that
by mjevans 8y ago
Also, lets say we wave a want and everyone making less than 15 USD suddenly does.
What would happen in today's climate? What has happened where I live as that has come closer to reality?
The cost of __everything__ but particularly rent and other less elastic items have risen to match and overtake any gains. The true effect is to decrease the wealth of the middle class and only the "nobles" who own more than their own living abodes benefit.
- sdenton4 8y agoI would argue that only the most inelastic items (aka, rent) would see a long-term price increase. Production of other things can increase to meet the demand, and, in fact, you'll end up with a more vibrant economy overall. One can argue that this is the post WW2 US boom in a nutshell.
- maxerickson 8y agoThere's no fundamental reason that housing is inelastic. It's relatively inelastic, but not over medium terms, especially in a place like the United States that mostly has lots of room to build things.