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this post was submitted on 26 Sep 2024
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Modern inflation has nothing to do with supply/demand.
We exist in a supply side economy, meaning that demand is always less than available supply. Yet inflation is a real problem. Current inflation is largely do to a variety of middle men getting entire pieces of transactions - credit card fees, payment for order flow market making, insurance, etc.
Any business that relies on production will not see existing demand change. McDonald's for instance does not make it's money off selling food - they make money off of real estate and licensing. You'll see McDonald's jobs disappear, but the demand for cheap fast food will still exist. Local diners will pop up to take their place.
This is completely insane and no economist agrees with your conspiracy theory.
Ok, if you want the conspiracy theory part, you'll find out every public publishing economist you have heard/read about had an education at a college where the program was entirely funded by financial institutions. Meaning that the education is tailored towards "good economy = strong financial institutions" and "bad economy = weakening financial institutions".
That is a conspiracy theory. The statements above are fact. Conspiracy theories, for your information, are built around groups of people working together to manipulate some action.
McDonald's doesn't work with insurance companies to raise the price of a burger. Credit card companies don't work with their customers to increase the profit of their products. Market makers just exist to make money on each transaction any way. No collusion needed.
Yeah kinda this, met way too many Economists who are on the economic right and most of the teaching is influenced by Chicago economics.
I remember when a minimum wage got introduced where I am and my macroeconomics professor was incredibly proud to show how this would cause unemployment. Turned out the minimum wage was so far away from what would be the equilibrium wage that there wasn’t ever an oversupply of workers because the minimum wage would have to be much higher than any politician would ever set it in order to cause unemployment. That is assuming such a thing as the equilibrium wage would actually exist in the real world.
You almost made me choke on my $15 Big Mac.
It's still cheap food. Maybe not to you, but to McDonald's
Yes, but the "demand" that you are talking about is for cheap on the consumer side, not on the producer side. It may (arguably) still be cheap food on the producer cost side, but the consumer price side has gone insane. The quality definitely is shit.
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These comments have nothing to do with economics.