It is good if your concern is relative domestic wages, since favored firms and industries can pay more if they have access to cheap credit. It is hard to maint

It is good if your concern is relative domestic wages, since favored firms and industries can pay more if they have access to cheap credit. It is hard to maintain that competitiveness as living standards rise and eventually window guidance starts running out of steam, as Japan discovered in the '90s and China is discovering now.