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  1. pmaitra

    Basic economy questions

    IKEA is very popular in the US. If it nominally Swedish, but in practice 99.99% Chinese. The only thing that is Swedish are the chocolates they sell. Even the Swedish meatballs are made locally. I wonder whether carpentry is at all a major profession in Sweden, IKEA notwithstanding,
  2. pmaitra

    Basic economy questions

    He is no benchmark to determine who is what. Calling people retards and dingbats won't make them so. It only reflects poorly on him, especially when the other person has not resorted to name-calling. He cannot afford to waste his precious time in reading what others have written, because, he has...
  3. pmaitra

    Basic economy questions

    Ok, thank you for the clarification. So, we agree on the red part.
  4. pmaitra

    Basic economy questions

    I am not blaming the fiat currency at all. The fiat currency issue is different from the minimum wage issue, prima facie. If you look closely, in either case, too many pieces of currency notes in everyone's hands leaves everyone in the same relative position. GREEN: That is part of the...
  5. pmaitra

    Basic economy questions

    I agree with your fundamental point. I have not seen the videos, but I have been following this minimum wage BS for years, very recently with the McDonald's burger flippers' protest drama. I will see the videos at a later time.
  6. pmaitra

    Basic economy questions

    Then why did you see it? I presume you did, because you posted it. Just kidding. :scared1:
  7. pmaitra

    Basic economy questions

    Your post raises a greater philosophical debate. I will go back to the opening post, and from what I can understand, he is saying that even if your salary is increased, high prices will cause us to spend most of your salary, and at the end of the day, we have earned more currency units, and...
  8. pmaitra

    Basic economy questions

    You are saying my assumption is that supply is inelastic. That is not true. That is just your assumption. I just gave a simplified example to help @Bhadra who missed the point @Mad Indian was trying to make. Because this is a simplified example, I kept the plethora of other variables absent. I...
  9. pmaitra

    Basic economy questions

    Inflation necessitates changes in wages. What @Mad Indian is trying to say is that if everyone's wages are increased, i.e., if everyone has more printed pieces of paper that we call currency, no one will be richer. People will still be the same in the wealth hierarchy.
  10. pmaitra

    Basic economy questions

    @Bhadra, you missed the point @Mad Indian was making. If you get paid Rs. 100 per day, and so does everyone else in your town, and if one meal costs Rs. 50, then everyone can afford two meals. If you get paid Rs. 200 per day, and so does everyone else in your town, then everyone can afford to...
  11. pmaitra

    Basic economy questions

    Nicely explained. In short, all boats will rise in high tide.
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