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This is market forces at work. There is not necessarily someone to blame, generally speaking. I expect we'll see prices going up, wages going up and margins going down. I think that is good since I think we have gone too far in the other direction.

What frustrates me about economics (with my one intro class level experience) is that they could only talk about equilibrium. The dynamics of things changing like this is what would be really interesting.

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Equilibrium is a theoretical construct. Life is dynamic, there's never anything fixed, there's always disruption and change. The theory needs artificial constructs to be workable - and some models get close enough to reality to be usable and give useful predictions and tools - but the life would always be more complex.

That is correct. Which is why people are refusing to go back to work. The wealthy get wealthier and those at the bottom are getting left behind, with no insurance, hugely expensive housing prices. The dynamics are saying "F you". Perfectly realistic and playing out right now.

I’m not clear on your interpretation. Aggregate demand/supply and such models you find in Econ 101 are all about demonstrating the effect of things changing, as you just described. In a supply shock for example, convergence to equilibrium is the change.

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