But sustained inflation requires that wages rise in response to price pressure. Without organised labour there is no mechanism to deliver that.

Venezuela’s, Zimbabwe’s inflation came from rising wages, did they? From union power?

4 thoughts on “Good grief”

  1. Well, the flood of Venezuelan refugees in Colombia suggest that the impact of inflation is UNsustainable for anyone outside the Chavez/Maduro list of favourites …

  2. Can anyone really be so stupid as to believe that without organised labour there is no mechanism to “deliver” that wages rise in response to price pressure?

    Oh yes he can.

  3. Without organised labour there is no mechanism to deliver that.

    “Hey, I need another employee here, I’ll pay you more money if you come work for me.”

    “OK”

    There’s his mechanism.

  4. If anyone is unable to think outside the box, then Spud is the guy. Perhaps he should have attended some lectures when taxpayers were finding his undergraduate course

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