Are greedy corporations causing inflation?
That is the popular narrative. Yet there is reason to doubt it
In the three years before covid-19, rich-world consumer prices rose by a total of 6%. In the three years since they have risen by close to 20%. People are looking for a villain—and firms often top the list. According to a recent survey by Morning Consult, a pollster, a third of Americans believe that “companies’ attempts to maximise profits” have contributed “the most” to inflation, more than any other factor by far.
This article appeared in the Finance & economics section of the print edition under the headline “Capital v labour”
Finance & economics May 6th 2023
From the May 6th 2023 edition
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