|
The fixing of inflation will depend to a large degree on societal and attitudinal factors, in particular, the willingness of the national workforce to accept a fall in REAL wages. If they suck up the wage fall quicksmart, everything will get back to normal promptly. If there's a prolonged battle between employers and workers over who is going to eat the losses, with workers striking and taking industrial action to preserve their real wages, everyone will be in for a prolonged period of inflation and economic strife.
We're all poorer because of covid, the war in Ukraine, and because of developing countries taking more of the spoils for themselves instead of being exploited quite so badly, and there will be no chance whatsoever of that not leading to reduced REAL income.
Sent from my SM-G988B using Tapatalk
|