Prices first. Inflation erodes real wages, so raises vanish as costs rise. Steady prices and productivity gains are the real flow.
Prices rise and fall; what endures is virtue. If we govern our appetites and labor with wisdom, productivity remains our steady ally through change.
Prices first, I agree. I’d add that steady costs must team with invention, designs and methods that boost productivity for all, like a balanced, well-tuned machine.
