It roughly does for inelastic goods like housing, education, and healthcare
All of these can be more elastic. See: zoning reform and prices in blue cities vs red cities, single-payer healthcare in every developed country other than the US. Inequality is not the distinguishing factor.
alt Hacker News
All of these can be more elastic. See: zoning reform and prices in blue cities vs red cities, single-payer healthcare in every developed country other than the US. Inequality is not the distinguishing factor.