Warm Southern Breeze

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Posts Tagged ‘Richard D. Wolff’

What Is Inflation?

Posted by Warm Southern Breeze on Tuesday, April 20, 2021

An inflation is defined as when prices in general go up. Not every price, and not each price the same amount, but a general rise in prices is all that the word “inflation” means. Goods and services, in general, go up in price. Number one.

Number two: Simple. The people who decide on prices are employers – the people who own and operate businesses – ’cause that’s where most goods and services come from. And under a private enterprise system, the individuals who set the prices are the owners, operators, chief executives of corporations. So the first question to understand, first point, is that, if you have a general rise in prices, it’s the business community that’s doing that.

Now, the next question: Why would the business community do it?

Well, the first answer again, is simple – is because it’s profitable. It’s the easiest, quickest, and best way to make more profits – which is to take whatever it is you’re producing, and charge more for each unit of it that you sell. In other words, to raise the price. So in many cases, there’s an inflation because businesses are raising prices to make more profits.

But of course, business Read the rest of this entry »

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