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By that definition inflation basically never happens until people get higher wages so they have more to spend. That’s clearly absurd, and so defining inflation
by jtc331 5y ago
By that definition inflation basically never happens until people get higher wages so they have more to spend.
That’s clearly absurd, and so defining inflation in a way that means it never happens when people substitute goods is also clearly absurd.
- angelzen 5y agoThat is exactly how the ruling class sees the situation. Gallon of milk $10? Chump change, maybe once it hits $100 it will make for a bit of faux concern table chatter at our $10k/seat fundraising dinner next week. The plebes agitating for $15/hour? Catastrophe.