Makes me wonder how long it takes for internal reference prices to adjust in an inflationary environment like the one we are facing now. An example from my everyday life, a few restaurants that I frequent have raised prices above my internal reference rate. I feel like I am not getting good value for my money. Probably I will have to adapt my IRP at some point.
Nov 9, 2023·edited Nov 9, 2023Liked by Michael Fritzell
No, not really. I haven't written about it. It is just a repressed memory now. But you are giving me a good idea. It will make for an interesting story. I just have to sit down and organize that mess of repressed memories. I'll get back to you on this one.
Makes me wonder how long it takes for internal reference prices to adjust in an inflationary environment like the one we are facing now. An example from my everyday life, a few restaurants that I frequent have raised prices above my internal reference rate. I feel like I am not getting good value for my money. Probably I will have to adapt my IRP at some point.
That's a great point. And if you feel that way about restaurant prices, you might also underestimate the wage increase needed to keep up with inflation. Ordinary wage earners tend to get screwed during inflationary periods. https://www.asiancenturystocks.com/p/post-war-germanys-lessons-on-inflation
True. I didn't earn a wage back then, but I have lived through hyperinflation. 1 star. Don't recommend it 👎 Many lives were ruined, some permanently.
Have you written about your experience? I’d be keen to hear what it was like. Happy to share it widely
No, not really. I haven't written about it. It is just a repressed memory now. But you are giving me a good idea. It will make for an interesting story. I just have to sit down and organize that mess of repressed memories. I'll get back to you on this one.
Thank you!
"all for the price of a few cups of coffee per month" I wonder where the inspiration for this came from?
Lol. Call it subtle humour...