Keynesian morality often makes for bad policy choices

From Mint editorial: The wage hike, ranging from 17-30%, is likely to prove illusory. Perhaps it already is. For, in a time of spiralling inflation, even frequent wage revisions are no good as a policy measure. The only thing these do is to make poor workers the victim of what economists call “money illusion”: A rise in nominal wages is seen as something satisfying while real wages get constantly eroded by inflation.