Bad Samaritans, Again
Ha-Joon Chang is turning pretty much every dearly-held Republican and American economic belief on its head. Apparently, inflation is entirely unrelated to economic growth as long as inflation is under 40%!
You know what I like about inflation? Imagine two people, one has a billion dollars in the bank, the other person has nothing except a job which barely covers expenses. If there is 20% inflation, the worker might be able to get a 20% raise. There is absolutely nothing a billionaire can say to the banker to make their billion dollars increase by 20%.
If there is more inflation, more workers will have to try harder to get raises, and this is a burden on them. It will, inevitably, lead to increased labor organization.