Fine, but blaming price increases on "greed" is still just as idiotic. Yes, market participants are "greedy" - sellers want to make the most money and buyers want to spend the least.
> And big enough share of demand accepted that new price point.
Exactly - this is literally econ 101, no appeals to "greed" needed.
As they say, the cure for high prices is high prices. You already saw this in a number of different areas. Fast food prices outpaced what people were willing to pay, so people stopped eating out and businesses needed to adjust accordingly.
Fine, but blaming price increases on "greed" is still just as idiotic. Yes, market participants are "greedy" - sellers want to make the most money and buyers want to spend the least.
Which was also true before COVID. So what has changed?
Shock moved the price equilibrium to new higher price point. And big enough share of demand accepted that new price point.
> And big enough share of demand accepted that new price point.
Exactly - this is literally econ 101, no appeals to "greed" needed.
As they say, the cure for high prices is high prices. You already saw this in a number of different areas. Fast food prices outpaced what people were willing to pay, so people stopped eating out and businesses needed to adjust accordingly.