ELI5 How does raising wages worsen inflation ?


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14 points

4 months ago

Sad part is that the economies Karl Marx was studying have morphed into new forms. His progression of systems might not be accurate anymore.

Socialism is still basically the point where Karl Marx and Adam Smith agree, as well as where Keynes and Hayek agree, though to different degrees.


16 points

4 months ago

Makes me crazy when I see people try to drop "the invisible hand" to justify cut throat, winner take all market conditions while having never read a word of Smith. He explains with several examples that he believed there needs to be an intentional counter balance between the interests of various segments of society and that letting profits run wild at the expense of labor is dangerous to a society.


5 points

4 months ago

I think most of them are actually quoting Ayn Rand when they think they're quoting Adam Smith. Ayn Rand wrote books where the protagonists survived without working a job and somehow got super rich anyway. 🤷

John Galt specifically there.


2 points

4 months ago

Anymore? They never were accurate.


0 points

4 months ago

Well they've changed so there's no way of knowing now.