Canada

I'm really jaded on whether reforming tax and investment law is a sustainable solution. Because the countries that did that are all trending in the direction of reversing those changes as capital accumulates and gains power over the political system and people (voters) themselves. Even in high union density places like Finland where unions and reformist socialist policy have slowed this process you can see people electing governments on austerity for the many. A policy squarely favouring their rich class. This speaks to erosion of the understanding of why the previous regulatory regime was introduced, who it benefitted, what would be the long term results of abandoning it, how things were before it. And this erosion isn't random. There's all sorts of information channels through which the rich convince people in explanations about the world that favour the rich. I hope there is some ingredient that if added would avoid this in the future for a very long time, but I'm not too hopeful. High prevalence of worker co-ops perhaps. I don't know. Jaded I tell you!

I appreciate the thoughtful reply. However, I believe you have misunderstood my intentions towards a path forward. Allow me to clarify.

I am saying the 1%, in a madness driven fit of misguided self-interest, lead us inexorably to a world that has exceeded our planetary boundaries and must collapse due to its unsustainable nature. 8 billion people and counting on a finite planet that is degrading rapidly due to pollution, resource depletion and climate change, to name a few, is going to have A LOT of hungry people.

In this brave new world, famine will be a more prevalent phenomena. There is a reason why Bill Gates, Blackrock and everyone else are huge holders of farmland. It's why Russia wants Ukraine. As Leonard Cohen once observed, "Everybody Knows".

I am saying, when you, your family and your community are priced out of food due to multiple simultaneuous global breadbasket failures due to climate change occur, here is a simple and just solution - eat the rich.

Dry rubbed, woodsmoked, char-grilled rich people. It's what's for dinner. I suggest an oil rub with cumin, smoked paprika, cayenne, garlic powder, mustard powder and onion powder. Cook it low and slow around 225F.

Doesn't matter if you are their fitness trainer, gardener, handyman or private security or just some dude who never met them until your fateful meal. Eat hardy while you can.

Bon appétit!

The changes necessary to mitigate acid rain and the ozone hole didn't threaten existing oligopolies.

Acid rain was "easy" to solve by shipping production overseas (which benefits the rich, since production costs go down), slapping scrubbers onto emitters (whose costs could be passed on to consumers via fees or tax breaks), or changing the formulation of stuff getting burned. The rich stayed rich without changing their business model.

AFAIU, CFCs (and other ozone depleting compounds) had analogs that were relatively easy to use without changing processes. Once again, no yachts were harmed in the making of that solution.

Addressing climate change means we have to change how we do everything: transportation, agriculture, and manufacturing. Even band-aid solutions like EVs and renewable power require minor change and are getting a shit tonne of pushback. Doing the hard work necessary to keep our climate stable (and avoiding possible extinction) would invalidate a bunch of business models.

Hence the resistance.

To my understanding the Philips curve doesn't even depict an expected increase in unemployment due to monetary stimulus. It depicts a relationship between (lower) unemployment and (higher) wages, and therefore at some level of (low) unemployment, (higher) inflation, due to people having more money to spend. In the short run. This is in relation to government stimulus (Keyensian policy) that lowers unemployment. It says that stimulus can lower unemployment at expense of higher inflation. Not that stimulus leads to unemployment. In fact rising unemployment during stimulus is an example of the model breaking down over the long run, according to what's written here.

You expect corporate profits to revert to the mean with cooling inflation, but this year, within our current higher interest rate environment, with inflation near target, corporate profits are at an all time high.. Sorry no data at my fingertips for Canada but the processes are the same. They even say that margins to GDP are at all time high. If prices rose because workers had more money in their pockets chasing the same goods due to stimulus, we wouldn't see profits rise significantly more than wages. We wouldn't see margins increase. This therefore can't be wage-driven inflation. Which also means the Phillips curve doesn't even apply here. I don't know what else to tell you, but looking at BoC policy and population, without factoring in the market power of large firms in every consolidated market to set prices is bound to lead to incomplete conclusions and predictions. That's kinda like considering that (level of) competition doesn't have real effect on prices, irrespective of other variables.