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   Mike (mikebon@mstdn.social)'s status on Sunday, 04-Aug-2024 11:01:30 JST Mike

   in reply to

   @DeanBaker13
   "The basic story here is that many restaurant chains took advantage of the supply chain crisis to increase their profit margins.

   To be clear, this means that they raised their prices by more than their costs. This is what University of Massachusetts economist Isabella Weber called “sellers’ inflation.” More commonly it is known as “greedflation.”

   ...the basic point is pretty clear in the data. The profit share of national income increased at the expense of wages."