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Actually they didn't. They had profit inflation, and the core had wage deflation.

talos dug out some stats on that subject back when.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Aug 19th, 2011 at 11:48:43 AM EST
[ Parent ]
If that's correct, the periphery countries should be able to export themselves out of their problems. Well, they can't.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Fri Aug 19th, 2011 at 11:58:08 AM EST
[ Parent ]
the periphery countries which do not have competitive wages compared to either the core or RoW!

But that is because of competitive wage deflation in the core and the RoW, not because of wage inflation.

Though this begs the question, wage deflation/inflation relative to what?

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Fri Aug 19th, 2011 at 12:05:37 PM EST
[ Parent ]
Relative to productivity, of course.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Aug 19th, 2011 at 12:16:40 PM EST
[ Parent ]

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