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DrChris โš”๏ธ · 5w
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Sir ReadyKilowatt profile picture
@nprofile1q... @nprofile1q... @nprofile1q...

"Whilst workers will usually resist a reduction of money-wages, it is not their practice to withdraw their labor whenever there is a rise in the price of wage-goods"

- Keynes, John Maynard. The General Theory of Employment, Interest and Money (p. 7).

In other words, you won't take a pay cut when labor gets cheaper, so they'll just raise the prices of everything else. Bonus is all the favored people get first access before inflation hits.
Lady MountainJay · 5w
nostr:nprofile1qy2hwumn8ghj7un9d3shjtnyd968gmewwp6kyqpqmw700d6utf2785ne6l303562qzkq5rsqytsz0f39tv890tnv7apq8cxrfj โ€” thank you! This is a helpful perspective to take into account. And to help me thin...
Sir ReadyKilowatt profile picture
@nprofile1q... @nprofile1q... currency debasement is only possible because of the massive productivity gains we in the first world have experienced over that same period. Not just the mass production of transistors, but the telecom revolution and resultant unleashing of new creations that no one would have considered prior to.

60% of the jobs that are currently being worked didn't exist 50 years ago (unverified, but sounds plausible).

https://youtu.be/zRv5kW5mAxM?si=pRN1Y6aUn3iuanBz&t=877
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DrChris โš”๏ธ · 5w
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