Post #3057916

"Inflation hawks warn us of the wage price spiral, which is when inflation goes up and powerful workers bargain for higher wages, which drives up costs, and thus prices, and thus wages. This is the fairy-tale version of what happened in the 1970s and it's entirely true except for the fact that it was OPEC's embargo driving up oil prices that caused inflation, a fact that makes it entirely false, but oh well." From @pluralistic: https://pluralistic.net/2022/12/14/medieval-bloodletters/#its-the-stupid-economy