Fast food: bad mistakes, deleted
I really screwed up my numbers on the fast food post (now deleted). Like Rogoff and Reinhart, I made a basic Excel mistake, and produced exaggerated nonsense. A doubling of wages would require a 20% price increase, not 67%. (Thanks to Seth Ackerman for pointing this out.) I still have lots of political doubts about this stuff, but I’ll keep quiet for now and do nothing but apologize.