tag:blogger.com,1999:blog-2098432983500045934.post7115987871474224876..comments2024-03-12T22:19:32.339-04:00Comments on The New Arthurian Economics: "This mathematical deception is guaranteed to make labor costs look as if they are increasing on a path similar to inflation."The Arthurianhttp://www.blogger.com/profile/16501331051089400601noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2098432983500045934.post-47299265023109261582012-09-24T23:14:45.696-04:002012-09-24T23:14:45.696-04:00"Do they really try to say this is the cause ..."Do they really try to say this is the cause of the inflation?"<br /><br />Well Jerr, you tell me. Maybe I rounded to the next higher exaggeration.<br /><br />First I knew of "unit labor cost" was reported in mine of <a href="" rel="nofollow">11 September</a>. In that post I quoted <i>yourdictionary.com</i>:<br /><b>"Economists view increases in unit labor costs as an important indicator of potential inflation."</b><br /><br />Is "an important indicator of potential inflation" the same as "the cause of the inflation?" Eh, maybe I rounded it up a little.<br /><br />I still bristle at the explanation given in the 1970s, that it was not "cost-push" but "wage-push" inflation.<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-56242644120773689862012-09-24T20:45:43.896-04:002012-09-24T20:45:43.896-04:00I think all this shows is that wages and benefits ...I think all this shows is that wages and benefits were almost keeping up with inflation. <br /><br />Do they really try to say this is the cause of the inflation? If the total amount of money i spend on bread and beer goes up with inflation, does that mean that my buying bread and beer causes inflation? <br /><br />(It seems to me like it just means that inflation exists - i.e., all of the prices go up.)Jerrynoreply@blogger.com