It's clear that most have no idea of late 20th and early 21st century economic theory, but they adopt the hearsay spouted off by political pundits from their tribe.
Asking the question, what social factors influence inflation, Copilot provides this-
Consumer Behavior: Increased consumer spending can lead to higher demand for goods and services.
- Labor Market Dynamics: Tight labor markets and wage pressures can drive up costs for businesses, which often pass these costs onto consumers in the form of higher prices2. This is particularly evident when there are labor shortages or increased bargaining power among workers.
- Social Inflation: This can lead to higher costs for businesses, which may then increase prices to cover these expenses.
- Public Sentiment and Expectations: Inflation can also be influenced by public sentiment and expectations.
These social influences, combined with economic factors, create a complex environment that can drive inflation.
Let’s focus on other social influences that contribute to inflation:
- Consumer Confidence: When consumers feel optimistic about the economy, they tend to spend more, which can drive up demand and prices.
- Cultural Trends: Shifts in cultural preferences, such as increased demand for sustainable products, can lead to higher prices for these goods due to limited supply and higher production costs.
- Population Growth: An increasing population can lead to higher demand for housing, food, and other essentials, pushing prices up.
- Technological Advancements: While technology can reduce costs, it can also create new demand for products and services, influencing prices.
- Global Events: Social and political events worldwide, such as conflicts or trade agreements, can impact supply chains and prices.
Now, my comments; If you paid $28,000.00 for an $18,000.00 toy, you contributed to this inflation.
Is it price gouging when, within a short period of time, most participating in an economy raise their prices?
You can thank your local billionaire and Wall Street for kick starting the post Covid greed. It was not necessary, it was devised and implemented by financial strings, not so much by political strings; but I suspect Lenoard Leo is at the table with the billionaires. The economy is a weapon for power and the middle-class is losing.
