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I think this will lead to inflation. Why should essential workers keep working if everyone else can stay home and do poetry? The natural response is to raise pr
by mjfl 6y ago
I think this will lead to inflation. Why should essential workers keep working if everyone else can stay home and do poetry? The natural response is to raise prices for their labor. Obviously if the same amount of money is obtainable with 1/4th the work (by "non-essential" people), the money is worth 1/4 of its former value.
- UncleOxidant 6y agoWas watching the first few sessions of Great Courses The Black Death. The Black Death essentially led to the end of Feudalism, the rise of the merchant class and the rise of cities. Since there were a lot less serfs (in some hard hit areas 50% less) to do the farming Feudal lords raised wages to attract serfs from neighboring serfdoms.