304 sats \ 1 reply \ @k00b 16 Nov 2023 \ parent \ on: _Broken Money_ book club, part 4 bitcoin
I wonder how the gig economy is faring with our recent inflation. I'd guess gig work is less rigid in wages than more traditional jobs. If that's true and we imagine all future jobs will be gigs, maybe wage stickiness isn't as much of a problem.
If bitcoin's exchange rate continues to rise, we'll have a natural experiment in SN's open source contribution/gig payments.
Are wages as sticky during deflation as they are during deflation? If employers hold more power over wage setting and are given incentives to change wages, perhaps wages will be less sticky.
The loss aversion is super primal, so if wages stopped being sticky it would be against the countervailing force of that. But this:
I'd guess gig work is less rigid in wages than more traditional jobs. If that's true and we imagine all future jobs will be gigs, maybe wage stickiness isn't as much of a problem.
That's super interesting! You can imagine there being a force in the direction of shorter and shorter term contracts, to deal with this issue. But [yet another] countervailing force of the transaction costs inherent in having to train a new person on your thing.
Man, Coase keeps coming up today.
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