"My favourite example of this is Andrew Newell's explanation of why the inflation/unemployment trade-off worsened in the late 60s. It was, he says, because a generation of workers who remembered the depression of the 1930s retired and were replaced by a generation that had known nothing but security and full employment and so were more emboldened to push for higher wages."I believe this and think it is one thing that the US has going for it, the Reagan generation is getting old and dying off. There's a good chance that the next generation-to-take-control's memory will be "Big banks and big corporations are the problem" not,.. "Government is the problem".
'via Blog this'
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