5 ms·
this is good for wages but I am concerned about the resulting inflationary pressure.
by stayfrosty420 5y ago
this is good for wages but I am concerned about the resulting inflationary pressure.
- question002 5y agoWhy?
- yunohn 5y agoI think this illustrates the problem with the modern capitalistic society we’ve built for ourselves: “I’m happy wages are going up, but I’m sad it’ll mean my spending power will go down”
- mensetmanusman 5y agoThere is always some inflationary pressure when inequality is reduced. For example, very few can support nannies and home servants like they could in the past (and like in India now), when poor people’s wages were so low that they would give up their life to support anyone that owned land. The only way to prevent inflation is with technology and productivity, for example, people today could have home servants in the form of robots if that technology existed, but it currently does not, because the problem is currently extremely difficult given humanity’s existing tool set.
- artificialLimbs 5y agoEliminating minimum wage would also prevent inflation.
- mensetmanusman 5y agoNot when you run out of children to employ :)
- artificialLimbs 5y agoMinimum wage is completely different than child labor laws.
- fergie 5y agoYes, but in practical terms the opposite of wage inflation is asset inflation, and this has probably been the defining problem of the UK for the last 20 years.