Inflation has many contributing factors besides wage rises. Perhaps it would be wiser to ask, over the past 45 years, what are the most likely ones? Could these be related to unethical comp practices? Monopolies? Paid-for legislation? “Right-to-fire” states? Probably not labor and unions.
And you are, of course, correct in your list.
Well, you are expanding my point past where I meant. All I meant was to point out it *IS* a contributing factor. Of course, any complex system has many knobs and levers that combine to make things happen. Even war, famine, and pandemics affect inflation - as we have seen.