So why the sense of déjà vu? It is because this is not the first time in recent years that pay growth has appeared to be breaking higher, only to subsequently disappoint. Just when the Phillips curve appears to be working – the lower the level of unemployment the higher the pressure for pay rises – it has gone on the blink again. Is it for real this time, or another false dawn? Are we about to see a sustained acceleration in pay growth, to the relief of beleaguered retailers and the government, if not the firms forced to cough up?
When we see the second peak, we recall the sequence in between, we have a complete sequence. 'I have seen this before', he quotes. Since we know what comes neet, we can easily set prices but we might requant. But we all know, suddenly, is the macro surprise.
I call it spectral because in physics we have the sampled system theory meeting the band limit constraints of a channel. There is a huge gain after the cost of requant. Our channel share becomes apparent, we adjust the accounts in priority on our balance sheets. We are compelled because the sheets become suddenly more accurate.
Queuing theory keep a slight asymmetry, in the spectrum. It is not compatible with the symmetry of bandwidth theory. Hedging inevitably interrupt the new price scheme a bit. My definition says a requant is an out of bounds restructure vs adiabatic which is a node by node isomorphism. Queuing theory is finite, quantized, maximum entropy. It has a finite directed graph representation. Basic assumptions going in.
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