Is everyone pretending to understand inflation (or just me)?

761.138 - 780.047 Mark Blyth

Back in the day, things were made in the country. If you went on strike, you held up the production of the firm. So then the employee goes, oh, shit, I'll have to give you a pay rise. So then they give you a pay rise. And then to cover that cost, they then raise their prices. And this creates what economists of the time called a wage price spiral. And it just kept going up and up and up.