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@almostlikethat | |||||
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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). pic.twitter.com/MdpB07SwIg
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Ben Prentice
@mrcoolbp
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19. srp |
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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/ pic.twitter.com/aMWPkx5bkw
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Jennifer RM
@almostlikethat
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20. srp |
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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
@mrcoolbp
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20. srp |
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What's the argument?
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Ben Prentice
@mrcoolbp
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20. srp |
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So...it all comes back to the money.
By the way check trade deficits, WTF happened in 1971!!?!! pic.twitter.com/0It0oS2rXK
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Jennifer RM
@almostlikethat
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20. srp |
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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 :-( pic.twitter.com/vv4COe0OW3
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