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Bargaining en-masse for inflation busting pay rises will lead to more inflation, just as side-moves that result in inflation busting pay rises will do
Only some bits of the economic playbook of the 70s are applicable this time around. To the extent that inflation is imported through energy price pressures (oil then, gas now), I agree that the wage-price spiral hurts everyone.
But if you look at the other causes of inflation (fucked global supply chains, weak GBP and supply-driven tightening at the low-credentialled end of the labour market) and the general health of corporate balance sheets and margins going into this crisis, I think there is space for capital to bear some of the pain rather than just labour.
NickCJ
My point was more about avoiding an inflation death spiral that fucks everyone rather than equitable outcomes (sorry lfgss). Bargaining en-masse for inflation busting pay rises will lead to more inflation, just as side-moves that result in inflation busting pay rises will do. The choice for folks feels stark though; do nothing and you get fucked. Do something and you might get fucked less, maybe, maybe not.