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Do ‘excessive’ wage rises lead to rising inflation and thus drive economies into a wage-price spiral? Back in 1865, at the International Working Men’s Association, Marx debated with IWMA Council member Thomas Weston. Weston, a leader of the carpenter’s union, argued that asking for increased wages was futile because all that would happen would be […]The wage price spiral refuted
The debate among economists continues on whether the recent hike in inflation rates in the major economies is due to a ‘supply shock’ or ‘pent-up consumer demand’; and related to that, whether the inflation rise will be ‘transient’ or ‘permanent’. Supply or demand? If prices rise, is it because supply is not rising ‘enough’ or […]Inflation: supply or demand?