An essential good that is constrained wants to simplify its supply chain and gain efficiencies of scale. The result is deflation pull on the rest of the economy. The constrained good organizes its simplified supply chain on the yield curve to minimize uncertainty in inventory levels. Part of the economy, over-constrained by the essential good, will follow suit, other parts will not. So, we have rank interference.
The economy acts like a calculator that cannot make up its mind between 2.000 and 1.999, and the residual error is forcing constant recalculation. The resultant volatility in inventory becomes dominated by the high cost of restructuring across the economy, prices rise with the square root of volatility.
I think this is called stagflation. Ultimately technology is applied across sectors such that they all can deflate. After total deflation, the number of transactions, over all are reduced, but transaction sizes increase. The banker's yield curve is more simply defined, the economy is lower dimensionality
This simple queuing model defines "unexpected" to mean a large jump, the most significant bits in the economic calculator are alternating rank size by one. Each change in the constrained supply chain, the remaining correlated supply chains will de-correlate by recalculation, you get that Ramsey recursion over the graph of factual and counter factual paths.
In the equilibriated economy, the bands across the bankers yield curve will be finite and evenly split the amount of bandwidth, adjusting transaction rates and lot sizes. Hence signal to noise at each inventory level is constant.
We have the opposite with unconstrained goods, the sudden discovery of minerals, a break through in technology, or some brilliant reorganization of culture. The unconstrained good induces other parts of the economy to expand it supply chain ad provide greater diversity.
Simpler supply chains expose less information.
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