By: Ramsi Woodcock (What Am I Missing?)
Did corporate greed cause the current inflation? The answer is most likely yes. However, did monopoly contribute to it? The answer is most likely no.
The disparity between these two answers provides valuable insight into why progressives should adopt an inframarginalist approach to political economy rather than an antimonopoly approach. In other words, it highlights the importance of focusing on the distribution of the surplus generated by production rather than fixating on market concentration.
To understand why the current inflation is likely driven by greed rather than monopoly, we must delve into the concept of inflation. It is essential to differentiate between the inflationary spiral itself and the factors that trigger it…
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