Is the world economy entering a wage-price spiral?
Simple thought experiment.<p>You have 1 million job seekers, and 2 million jobs. Say there are two companies each with 1 million jobs.<p>How much does one of these companies have to pay to fill all of its jobs?<p>---<p>Of course in the real world, Labor force participation rate can change, or immigration can fill gaps. But how many who dropped out did so permanently?