How Inflation Hurts Businesses and Entrepreneurs | Peter G. Klein

[@Juliapak]

as a psych person I would suggest stress as being a huge problem. It is hella stressful when you have to raise prices on customers during inflation and have customers calling you greedy etc meanwhile you gotta pay labour more

[@rwalkenhorst]

What a fabulous asset Peter is for the Mises Institute. I wish he could have been my econ professor when I was a student at Mizzou long ago. I would have been spared several decades of ignorance!

[@fabioalves6690]

Very good explanation. Thank you.

[@jaimebenito620]

Good points: there is a lot of uncertainty before you find a winning formula, but what happens afterwards? Once everyone can easily replicate the same formula at no cost, is it "fair" to charge everyone else in the world? Is this taxing approach fair and logical all the time? Is this a libertarian approach?

[@rodneyabrett]

Check out "Utilitarianism Libertarianism". John Stuart Mill is credited with the concept of Utilitarianism. The basic idea is that once the production of a utility is maximized to the point in which it costs extremely little per unit to make, that it will yield an overall gain in happiness while reducing the amount of suffering to everyone. Think of common necessities in the first world that we get for little to no money and you'll get what I mean. "No cost" is an illusion because we live on a finite planet and scarcity of resources exists. The price system is what determines the level of scarcity.