the inflation era: winners and losers
It’s the reverse now. We are in the “management” phase of infrastructure. Rather than viewing immigration as demand expansion and a chance for the pie to grow, we treat it as a scapegoat for wider systemic failures. Immigrants become a proxy war for how we think about identity, who deserves what4 and people on Jubilee argue over who gets the... See more
Zero-sum Thinking and the Labor Market
Loose monetary policy created asset-price inflation, but ordinary people mostly just felt the effects of rising prices. Unlike the wealthy, they didn’t benefit much from the rising asset prices in their portfolios.
The Cantillon effect is justified as a public good. The Cantillon effect refers to the phenomenon that newly debased money is not distributed equally throughout society all at once but is introduced in a specific place, giving its initial holders illegitimate purchasing power at everybody else’s expense.
Sacha Meyers • Bitcoin Is Venice: Essays on the Past and Future of Capitalism
But what is inflation? Statistical agencies measure, each month, the cost of buying a prescribed basket of goods and services. That basket represents an average of everyone’s consumption, based on surveys of household expenditure. But everyone buys a different bundle of goods. Both rich and poor people have very different consumption patterns from
... See more