![]() ![]() Our economic behaviour depends on our real, i.e., inflation-adjusted, costs and incomes. Which matters? Where people live is generally what matters. As for clothing and footwear: you can buy it online but most people still like to try things on - which hasn’t been possible since mid-March. In fact, they’re available precisely because no one can take advantage of them. (Living in hope, I did get my winter tires changed this week.) Traveller accommodation? Great deals are available but no one can take advantage of them. Massive unemployment and lack of monetary and fiscal stimulus led to consistently falling prices all through the early 1930s - a comparison that, apart from being totally depressing, makes some people think we should torque the stimulus levers and crank up the Bank of Canada’s already smoking money machine.īut did you notice something about the big price drops quoted? For gas, for clothing and footwear, for traveller accommodation? These are all things nobody is buying. You know the last time prices fell like this? That’s right, during the Great Depression. ![]() This advertisement has not loaded yet, but your article continues below. ![]()
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December 2022
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