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Rather, a much simpler explanation is that entrepreneurs "routinely" included raising costs (of higher wages) into the higher prices, trying to keep their profit share.

This seems rather more plausible.

But what compelled entrepreneurs to raise wages (in those 'the last months of the boom, when indeed wages started to raise')?

The West won the world not by the superiority of its ideas or values or religion, but rather by its superiority in applying organized violence.

by marco on Wed Sep 2nd, 2009 at 09:53:28 AM EST
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