The only problem is that prices have not risen. In relation to this, it is often questioned why wages and prices have not risen despite labor shortages.17 My answer is simply that labor shortages have been insufficient. When wages increase, so do prices.
In addition to these direct effects, there are also indirect effects on economic activity and, consequently, on earnings and income from investments. This reallocation concerns not only individuals and generations, but also countries. It is therefore understandable that each group should try to push monetary policy in a direction favourable to them.