But the fact that most employees have gotten used to thinking of anything less than a 3 percent raise as a pay cut means that this adjustment process happens a lot slower than it would have 50 or 90 years ago.

FORBES: Three Percent Is The New Zero Percent

But you will be pushing a tremendous burden of adjustment on to enterprises, which will have to pay much higher energy prices.

ECONOMIST: From the archive: Talking to Gaidar: From the hot seat | The