I like this post and also the earlier one, "The Making of the Mother of all Economic Booms."
Western democracies have to figure out a way to contain inflation that does not rely on continuously declining labor shares of income.
Indeed, Western democracies have to figure out a way to reverse continuously declining labor shares of income and generally falling lower living standards for the employee class.
I suspect border controls for labor and product, and also the end of property zoning would help.
Also, the righties are right about wholesale reforms of government (but including radical downsizing of defense and ag departments).
See "Trade Wars are Class Wars" by Michael Pettis.
My guess also is there is some bad luck in this cycle. The supply-snags and the present oil markets are not due to aggregate demand, but a shift in demand (to products) and a successful cartel (oil). Add in property zoning, and a shortage of new-built housing for 10-15 years running or more, and you have a recipe for...moderate inflation, 5% range.
The good news is inflation will fix itself somewhat, but housing...there are no libertarians when neighborhood property-zoning is under review.
I like this post and also the earlier one, "The Making of the Mother of all Economic Booms."
Western democracies have to figure out a way to contain inflation that does not rely on continuously declining labor shares of income.
Indeed, Western democracies have to figure out a way to reverse continuously declining labor shares of income and generally falling lower living standards for the employee class.
I suspect border controls for labor and product, and also the end of property zoning would help.
Also, the righties are right about wholesale reforms of government (but including radical downsizing of defense and ag departments).
See "Trade Wars are Class Wars" by Michael Pettis.
My guess also is there is some bad luck in this cycle. The supply-snags and the present oil markets are not due to aggregate demand, but a shift in demand (to products) and a successful cartel (oil). Add in property zoning, and a shortage of new-built housing for 10-15 years running or more, and you have a recipe for...moderate inflation, 5% range.
The good news is inflation will fix itself somewhat, but housing...there are no libertarians when neighborhood property-zoning is under review.