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Showing posts with the label macroeconomic

What is Driving Rising Prices?

“The statistics show very clearly that the cost of living crisis is not being driven by workers demanding higher wages. The combination of the war in Ukraine and disturbances to supply chains that took place during the Great Lockdown are the main factors explaining higher prices. As I argued in  Tribune  last week, the crisis in  global shipping  is particularly important in explaining why prices have risen so much over the last few years. But the issue isn’t simply macroeconomic changes that are beyond our control — it’s also the profiteering of large corporations in response to the inflationary environment.” Rising prices are not driven by rising wages