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The good news is that the absence of inflation around the western world might be the new normal — meaning interest rates will stay relatively low. But if the reason inflation is not re-emerging is because wages are not rising as they should be, then we have a problem.
But sometimes it doesn’t because of intellectual inertia.
Regularly, economists — and in particular policymakers — display a form of “groupthink” and seem wedded to old models about how the world works that appear to be impervious to the changes that are taking place in the real world.
While higher wages give more income to workers, they constitute higher costs to employers and ultimately less profit.
Because companies traditionally work on a fixed profit margin basis, as the employer’s costs go up, the company simply increases retail prices to sustain profit margin.
In terms of Uber, Whatsapp and Amazon, these new technologies are driving down prices undermining the old fixed margin business.