4 ms·
Not fully true. https://en.wikipedia.org/wiki/Wage-price_spiral https://en.wikipedia.org/wiki/Wage-price_spiral
by belltaco 4y ago
Not fully true.
https://en.wikipedia.org/wiki/Wage-price_spiral https://en.wikipedia.org/wiki/Wage-price_spiral
- deleted 4y ago[deleted]
- rsaesha 4y agoFrom your source: Criticism The Socialist Worker argues that it is a myth used to prevent wage increases.[6] Tribune magazine also sees the concept as rhetoric intended to hold down worker wages.[7] Milton Friedman criticised the concept of wage-price spirals, arguing "It's the external manifestation of inflation, but not its source... the inflation arises from one and only one reason: an increase in a quantity of money."[8] Wage-price spirals will break naturally if the quantity of money is not increased, albeit in the meanwhile "there will for a time be a continuation of inflation" as well as "some measure of recession and unemployment".[8]