7 ms·

Yes, that is called inflation.

• tyingq 5y ago
  That's a little simplistic, isn't it? Inflation isn't solely driven by wage increases followed by higher product and service prices. There's "Wage Push" inflation, which is just one of many types. I'm not even sure it's really "inflation" if the wage increases aren't exceeding cost of living increases.
  • dahfizz 5y ago
    Sure, inflation isn't solely driven by wage increases. And wage increases aren't solely driven by minimum wage legislation. But a bump in minimum wage which results in higher wages for everyone and a devaluation of the currency is inflation. I don't think that's any more simplistic than your premise of all the "tiers" of jobs getting a raise. What you described is inflation.
    • tyingq 5y ago
      I'd agree if wages (especially minimum wage) had kept pace with cost of goods and services over the years. It hasn't. There was an 11 year period where it didn't change, for example.
      • dahfizz 5y ago
        Inflation is never the exact same across industries and across time. Electronics prices have inflated less than the economy average, and even deflated depending on how you measure it. But if changing market conditions meant that electronics prices explode over the next decade, like housing and medical costs have, that would still be inflation. Stagnating prices in recent history does not make something immune to inflation. Labor is no different.