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Inflation in everything but wages, information, and technology. Inflation adjusted wages are relatively flat compared to inflation elsewhere, while information
by api 3y ago
Inflation in everything but wages, information, and technology. Inflation adjusted wages are relatively flat compared to inflation elsewhere, while information and tech are deflating.
The wave of super cheap EVs hasn’t even hit yet, and as you say AI hasn’t really hit yet. Solar power will soon be the cheapest source of power in history and it’s still falling.
This has been going on for about two decades.
How does this end? A bunch of superintelligent superconnected homeless cyborgs? Borg living in cardboard boxes pushing shopping carts around?
- sph 3y agoWhen economists throw Keynes in the bin where he belongs and accept that inflation is not because of lack of spending, but because of an ever expanding money supply. Not gonna happen anytime soon, governments love Keynesian economics.
- api 3y agoKeynes gets the blame for policies he never would have supported. He advocated counter cyclic spending: deficits during recessions, surpluses during booms. That and the idea of monetary velocity are his biggest insights. What we do isn’t Keynesian. We run deficits in recessions and deficits in booms and make them bigger and bigger. This has consistently happened under both major political parties (yes including Trump) since the 1980s.
- crotchfire 3y ago> How does this end? War, unfortunately.