{"id":104835,"date":"2023-06-10T10:12:00","date_gmt":"2023-06-10T14:12:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=104835"},"modified":"2023-06-12T10:12:51","modified_gmt":"2023-06-12T14:12:51","slug":"what-is-greedflation","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/what-is-greedflation\/","title":{"rendered":"What Is Greedflation, and Does It Actually Exist?"},"content":{"rendered":"\n<p>What is greedflation? Why is it controversial? Is it just a conspiracy theory?<\/p>\n\n\n\n<p>Some economists say companies are using inflation as an excuse to ratchet up prices to profit excessively. Known as \u201cgreedflation,\u201d this practice comes at the expense of American consumers. Mainstream economists have been skeptical of the greedflation concept, with some calling it a conspiracy theory. <\/p>\n\n\n\n<p>Keep reading to learn about greedflation and the <a href=\"https:\/\/www.shortform.com\/blog\/opposing-views\/\">opposing viewpoints<\/a> as to its existence.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-greedflation\"><strong>What Is Greedflation?&nbsp;<\/strong><\/h2>\n\n\n\n<p>What is greedflation? <strong>Greedflation refers to companies <\/strong><a href=\"https:\/\/news.northeastern.edu\/2022\/08\/02\/what-is-greedflation-and-is-it-driving-higher-prices\/#_ga=2.266982926.103306474.1685548957-78031559.1685548957\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>using inflation as an excuse to ratchet up prices to profit excessively<\/strong><\/a>. Some economists say it\u2019s been driving up US inflation, which soared during the pandemic.<\/p>\n\n\n\n<p>Experts say the greedflation concept became <a href=\"https:\/\/news.northeastern.edu\/2022\/08\/02\/what-is-greedflation-and-is-it-driving-higher-prices\/#_ga=2.266982926.103306474.1685548957-78031559.1685548957\" target=\"_blank\" rel=\"noreferrer noopener\">politically polarized<\/a> as interest rates rose\u2014Republicans blamed the Biden administration for inflation, while Democrats railed against oil and other large corporations\u2019 surging profits.\u00a0<\/p>\n\n\n\n<p>So, is greedflation real, or a paranoid conspiracy theory?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-view-1-there-s-no-such-thing-as-greedflation\"><strong>View 1: There\u2019s No Such Thing as Greedflation<\/strong><\/h3>\n\n\n\n<p>Mainstream economists, companies, and others argue that corporate greed isn\u2019t driving inflation. Some have <a href=\"https:\/\/www.axios.com\/2023\/05\/18\/once-a-fringe-theory-greedflation-gets-its-due\" target=\"_blank\" rel=\"noreferrer noopener\">mocked<\/a> greedflation\u2019s <a href=\"https:\/\/twitter.com\/IsabellaMWeber\/status\/1650873469037338624\" target=\"_blank\" rel=\"noreferrer noopener\">leading proponent<\/a> and said greedflation is a <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2022\/05\/12\/democratic-conspiracy-theory-on-inflation-makes-things-worse\/\" target=\"_blank\" rel=\"noreferrer noopener\">conspiracy theory<\/a>. They argue that:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Companies aren\u2019t being greedy by raising prices<\/strong>\u2014they <a href=\"https:\/\/www.axios.com\/2023\/05\/18\/once-a-fringe-theory-greedflation-gets-its-due\" target=\"_blank\" rel=\"noreferrer noopener\">had to do it<\/a> to compensate for rising costs from the COVID-19 pandemic, labor challenges, and war in Ukraine.\u00a0<\/li><li><strong>Companies\u2019 rapid price increases aren\u2019t \u201cprofit-led.\u201d<\/strong> Instead, US households, long-constrained by pandemic-related lockdowns and supply chain woes, have contributed to price hikes by creating <a href=\"https:\/\/www.nytimes.com\/2023\/05\/30\/business\/economy\/inflation-companies-profits-higher-prices.html\" target=\"_blank\" rel=\"noreferrer noopener\">outsized demand for goods and services<\/a>.<\/li><li><strong>The<\/strong> <strong>very concept of greedflation is bunk<\/strong>: Businesses have amplified prices not out of greed, but because they <a href=\"https:\/\/www.axios.com\/2023\/05\/18\/once-a-fringe-theory-greedflation-gets-its-due\" target=\"_blank\" rel=\"noreferrer noopener\">operate in a capitalist society<\/a>. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-view-2-greedflation-is-real\"><strong>View 2: Greedflation Is Real<\/strong><\/h3>\n\n\n\n<p>A <a href=\"https:\/\/www.axios.com\/2023\/05\/18\/once-a-fringe-theory-greedflation-gets-its-due\" target=\"_blank\" rel=\"noreferrer noopener\">growing number<\/a> of mainstream economists have warmed to the concept of greedflation, including former Fed vice chair Lael Brainard, UBS Global Wealth Management chief economist Paul Donovan, and European Central Bank executive board member <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-01\/ecb-s-panetta-says-pay-more-attention-to-price-impact-of-profits?sref=mIZ1p2Gz\" target=\"_blank\" rel=\"noreferrer noopener\">Fabio Panetta<\/a>. Experts who support the greedflation theory say there\u2019s ample evidence of the problem, including that:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Many US companies <\/strong><a href=\"https:\/\/www.nytimes.com\/2023\/05\/30\/business\/economy\/inflation-companies-profits-higher-prices.html\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>have continued to increase their prices<\/strong><\/a><strong> even as oil, transportation, raw materials, and other prices have fallen<\/strong> as the impacts of the pandemic and war in Ukraine have waned.\u00a0<\/li><li><strong>Although companies say they must hike prices to cover increased costs, their costs are going down<\/strong>.<\/li><\/ul>\n\n\n\n<p>Some contend that <strong>inflation will remain far higher than necessary because of companies\u2019 greed<\/strong>\u2014a theory some businesses have fed by saying <a href=\"https:\/\/www.nytimes.com\/2023\/05\/30\/business\/economy\/inflation-companies-profits-higher-prices.html\" target=\"_blank\" rel=\"noreferrer noopener\">they\u2019ll continue to raise their prices<\/a>, a strategy that\u2019s helped many pad the coffers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-looking-ahead\"><strong>Looking Ahead<\/strong><\/h3>\n\n\n\n<p>Experts who say that corporate greed is driving inflation argue that <strong>companies will continue to raise prices because there hasn\u2019t been enough pushback to make them stop<\/strong>. Demand for goods in many industries has been strong enough to enable companies to <a href=\"https:\/\/www.nytimes.com\/2023\/05\/30\/business\/economy\/inflation-companies-profits-higher-prices.html\" target=\"_blank\" rel=\"noreferrer noopener\">charge excessively high prices<\/a>. <\/p>\n\n\n\n<p>On the other hand,<strong> some economists believe the price-hiking trend is on its way out<\/strong>: Consumers appear to be cutting back on more expensive purchases, and Americans most sensitive to price changes are bypassing higher-priced goods and searching for better deals. As a result, shares for companies like Dollar Tree, PepsiCo, and McDonald\u2019s have fallen, as sellers worry about their ability to continue to raise profits.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is greedflation? Why is it controversial? Is it just a conspiracy theory? Some economists say companies are using inflation as an excuse to ratchet up prices to profit excessively. Known as \u201cgreedflation,\u201d this practice comes at the expense of American consumers. Mainstream economists have been skeptical of the greedflation concept, with some calling it a conspiracy theory. Keep reading to learn about greedflation and the opposing viewpoints as to its existence.<\/p>\n","protected":false},"author":8,"featured_media":89769,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,81,31],"tags":[727],"class_list":["post-104835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economics","category-money","tag-articles","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is Greedflation, and Does It Actually Exist? - Shortform Books<\/title>\n<meta name=\"description\" content=\"Greedflation is when companies use inflation as an excuse to raise their prices. 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