I've written more than once about the capacity of inflation to unstick sticky wages, and how that may have been one reason Keynes thought inflation might not be a bad thing. So I open my morning email and find my friend John saying "here are your sticky wages"--with a
link to this morning's
New York Times:
Unions Yield on Wage Scales to Preserve Jobs
Yep, didn't always happen that way, did it? Although on reflection, I guess it isn't it brand new. When was it that the commercial pilots caved to two-tier pricing? End of the Bush years? Or earlier?
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