The Road to Freedom: A Conversation with Joseph E. Stiglitz
The DSR Network
00:00
Understanding Economic Dynamics
Individuals often lack understanding of the complex economic system and perceive certain aspects asymmetrically. They notice high price levels but overlook the decrease in the rate of inflation. Despite successful efforts to reduce inflation, they still see high prices. They credit themselves for wage increases but fail to acknowledge that price increases are part of the same dynamic. Inflation is necessary for wage increases to occur.
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