It's almost like capitalist economic theory is completely bogus and Marx was completely right :thinkin
As someone who is a complete idiot who doesn't know anything, I thought the recent :citations-needed: episode on inflation was really interesting the premise was that the term inflation refers to a general increase in prices, presumably due to too much circulating money etc. But that isn't what's happening - the prices of some goods are increasing with very identifiable roots, mostly the US sanctions on Russia, while the prices of other things are relatively stagnant.
I liked that episode and that last point you brought up. I think the single CPI number really mystifies inflation. It's just an abstraction and a very rough average of a bunch of prices that are going up at different rates for different reasons.
It’s the end of WW2, the world economy decides it’s important to reach full employment. By the 70’s, labor has gained so much influence that there are capital strikes. In comes neoliberalism. Now the world economy decides it’s important to control inflation. Wages no longer track productivity. Labor is kneecapped. Inflation is pegged at low annual rates like clockwork. 2008 crisis happens. The world economy is supposed to adapt again and shift . Just like 1945. Just like 1979. Instead, neoliberalism digs its heels in and just starts printing money like crazy. Inflation isn’t touched. Turns out printing money is not the direct cause of inflation. In 2020 Covid hits. The labor market gets a jolt straight to the heart as millions die, millions stay out of work, and other millions change jobs. Wages begin to increase. We see a boom in economic prosperity. Suddenly “inflation” skyrockets again.
I’m not gonna act like I understand all of this or like it’s super simple, but what is clear to me is that capital responds to labor gaining power by fucking around with and rearranging “the economy”, which we’re seeing again
"When the people and the country have forgotten how to disagree, the national economy is said to be ok." - Subhumans, Work-Rest-Play-Die
So... what I'm getting from this is the economy is a completely impenetrable black box and economics is made up nonsense.
my username is so relevant that I couldn't figure out how to edit my post lol
Thought the cause is an overactive economy and the way to lower inflation is to slow the economy but i just heard that on the radio idk
“Overactive economy” == “competitive labor market”
The Fed’s solution of raising interest rates is intended to squeeze every day people to make them desperate and more willing to take lower paying jobs. They’re under no delusions of it lowering prices of food or gas
Inflationary expectations is garbage theory, and (I think) it wasn’t supported by data once.
idk what "inflationary expectations" is but expecting inflation has allowed a lot of unnecessary price gouging
Supply and demand curves aren’t even supported by data. Commodity fetishism stays winning. It’s social relationships all the way down
