that monopolists will only raise prices if their consolidation is increasing. This simply flies in the face of basic economics. Firms are profit-maximizing. That means that if they can raise prices, they will, and take that extra profit to the bank. The supply chain crunch gives them just such an opening. If this claim were true, then antitrust measures probably wouldn’t exist because monopolies would not cause any harm.
What those macroeconomic views tend to overlook is the political economy of the situation. Economic trends do not happen purely within market systems but are embedded with certain social and political circumstances. Even if someone like Summers were to recognize rent-seeking behavior, they would likely contend that just undoing consolidation would not make inflation go back down once it’s already happened.
LittleBirdSteph A sloppy but eye filling measure of 'the great gouge' by corporate plague profiteers 600 billion
Cheryl_Smith1 “Larry Summer is wrong.”
Larry Summers is basically always wrong:
and maybe corporate gouging
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