[pjc50]

No, it's just the Philips curve: https://www.khanacademy.org/economics-finance-domain/macroec... ; understanding and using that is how Western central banks have tamed inflation and reduced the impact of the business cycle.

Venezuela (and almost all the classic hyperinflation cases) are forex crises. You can't print foreign currency, which you need to buy goods on the international market; and the collapse by mismanagement of Venuela's oil industry and any other export industries means that the currency is just going to keep devaluing as the trade fails to balance.

> That salaries are picking up doesn't mean real salaries have improved.

It is however a necessary condition for real salaries to improve that nominal salaries improve. Which needs a tight labour market.