Having lived through the inflation of the 1970s and 80s, I've been more skeptical of the promises last year that any inflation would be only temporary.
While unions are less important now than then, and they were often blamed for inflation, we also have more things indexed for inflation now (like Social Security).
But my own theory about inflation is this:
Before the pandemic the economy was operating smoothly following its usual routines. Because of the pandemic lots of routines were disrupted. Whenever there's change or disruption, the resulting friction gets handled by grease, grease known as money. Don't have enough workers, give bonuses and hike salaries. Don't trust going to restaurants, rely on delivery and increase the tips. Etc. Etc.
That means to me the inflation won't be temporary but will last until we establish new routines, which will take a while.
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