you are describing a very useful economic term - comparative advantage. In the case above, we have a comparative advantage in wheat production. Obviously the fu

you are describing a very useful economic term - comparative advantage. In the case above, we have a comparative advantage in wheat production. Obviously the full picture is something that economists DO think about, but since our government didn't really do any useful analysis in the formulation of our tariff structure, its unsurprising that they didn't really get it right. Something to consider in your thought process - take two relatively recent stimulus efforts - 2008 and 2020 - the first was primarily quantitative easing - a classic trickle down effort since all the money went to bank balance sheets and trickled down to individuals, the QE stimulus had almost no impact on inflation. Vs Covid which was direct household stimulus and immediately led to inflationary pressure. A link I don't see mentioned often is most central banks didn't start an inflation targeting policy until the 90s. Prior to that it was still an objective but managed much worse. https://www.richmondfed.org/publications/research/econ_focus/2024/q1_q2_federal_reserve https://www.richmondfed.org/publications/research/econ_focus.... this link contains a chart that looks at the inflation volatility over time. I happen to think that a consequence of managed inflation, balanced against aggregate employment is consistent wage pressure. In essence, wage growth in my mental model on this is a consequence where upward inflation swings drive wage gains, while downward ones drive more unemployment. If inflation is managed closely to avoid volatility, then redistributive effects of volatility are limited.