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Ben Prentice 19. srp
Inflation is the source of most problems society faces today. Real costs decline, prices rise, but wages don't. This illusory phenomenon has disrupted all exchange, entrepreneurship, workers, savers, and borrowers; it's corrupted our lives and culture. 1/
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Jennifer RM 20. srp
Odgovor korisniku/ci @mrcoolbp
Inflation is bad and decent wages for workers are good :-) BUT see Turchin's "Ages of Discord: A Structural Analysis of American History". Ch12 applies Turchin's theory to reproduce the "What the hell happened in 1971?" graph almost perfectly without DIRECT use of inflation.
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Ben Prentice 20. srp
Odgovor korisniku/ci @almostlikethat
What's the argument?
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Jennifer RM
Directly: workers didn't get economic progress pass through after "supply" exceeded "demand". Ultimately: Turchin blames "elite" policies, which are blamed on elite DEMOGRAPHY. Relevantly: *He* mentions the Trade Balance (which *I* suspect is downstream of monetary policy).
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Ben Prentice 20. srp
Odgovor korisniku/ci @almostlikethat
So...it all comes back to the money. By the way check trade deficits, WTF happened in 1971!!?!!
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Jennifer RM 20. srp
Odgovor korisniku/ci @mrcoolbp
I'd agree "it all GOES THROUGH the money" but Turchin thinks it ALSO goes through elite culture. "Unsound money" may be a product of an elite culture that doesn't care about non-elites, but that culture is likely a "common cause" of many similar policies :-(
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