No this has been thoroughly disproven. the total amount of dollars doesn’t change, it just moves from the wealthy back to the workers. Raising wages doesn’t cause inflation, corporations raising prices does, so raising the minimum wage is just one piece of it. The myth that raising wages causes inflation is argued that more money for workers creates more demand for commodities which raises the prices, but again, the total amount of currency doesn’t change. You’re not going to buy 7 cartons of eggs just because you make more money, and spending it doesn’t make it more scarce. You’ll buy as much as you need for the week just like last week, except now you don’t have to choose between food and going to the Dr.
Real economic inflation or deflation is caused when the amount of currency doesn’t match the amount of production. Or to simplify, money is representative of something that was produced, and can be exchanged for commodities; and the whole money supply is representative of the whole productive capacity of a nation (or issuing body). Paying people more doesn’t lower production, it would theoretically stay the same though experiments have proven that productivity increases. Raising wages raises the amount of money that businesses make because there is more money in circulation, it isn’t just sitting in accounts collecting interest. Increase in demand actually drives hiring more workers.
Lots of nice ideas in your post but none of it are demands that bring workers together to organize and fight for what they deserve, we have to hope that some politician will give it to us. Fighting for wage increases does mobilize workers, and it has only ever been organized mobilizations of workers that have driven economic changes under capitalism.
No this has been thoroughly disproven. the total amount of dollars doesn’t change, it just moves from the wealthy back to the workers. Raising wages doesn’t cause inflation, corporations raising prices does, so raising the minimum wage is just one piece of it. The myth that raising wages causes inflation is argued that more money for workers creates more demand for commodities which raises the prices, but again, the total amount of currency doesn’t change. You’re not going to buy 7 cartons of eggs just because you make more money, and spending it doesn’t make it more scarce. You’ll buy as much as you need for the week just like last week, except now you don’t have to choose between food and going to the Dr.
Real economic inflation or deflation is caused when the amount of currency doesn’t match the amount of production. Or to simplify, money is representative of something that was produced, and can be exchanged for commodities; and the whole money supply is representative of the whole productive capacity of a nation (or issuing body). Paying people more doesn’t lower production, it would theoretically stay the same though experiments have proven that productivity increases. Raising wages raises the amount of money that businesses make because there is more money in circulation, it isn’t just sitting in accounts collecting interest. Increase in demand actually drives hiring more workers.
Lots of nice ideas in your post but none of it are demands that bring workers together to organize and fight for what they deserve, we have to hope that some politician will give it to us. Fighting for wage increases does mobilize workers, and it has only ever been organized mobilizations of workers that have driven economic changes under capitalism.