"Greedflation" is a new word to describe a by-product of supply and demand as old as capitalism itself. Companies raise prices when they can, and companies hate to lower profit and will never do so unless literally forced. They are money-hungry entities who will do anything for a profit, but they've been that way since the very idea of "companies" was in its infancy. And today's companies have to make a certain amount of profit relative to their competitors, or they'll get pushed out and go bankrupt.
There are 2 solutions to this problem: government interference and competition. IMO competition is what's desperately needed, and regulation/govt-funding to help the little guys with better ideas and lower profit margins compete with the big ones. When people stop buying from Walmart because their profit margins are too high, Walmart gets less total profit, and they can either lower their prices and/or sell better products, or suffer and potentially go out of business. This is how capitalism is taught in grade school, this is how it's supposed to work and actually benefit the common man, and the factors which make it not work are what we need to regulate and fund away.
* There's also private funding and educating the general population to choose smaller companies over lower prices. And most companies don't actually do everything they can to 100% maximize profit. However, I don't think you can rely on these factors, because a lot of people aren't really aware or motivated, and a lot of people don't choose for others' or long-term benefits over their own short-term ones.
There are 2 solutions to this problem: government interference and competition. IMO competition is what's desperately needed, and regulation/govt-funding to help the little guys with better ideas and lower profit margins compete with the big ones. When people stop buying from Walmart because their profit margins are too high, Walmart gets less total profit, and they can either lower their prices and/or sell better products, or suffer and potentially go out of business. This is how capitalism is taught in grade school, this is how it's supposed to work and actually benefit the common man, and the factors which make it not work are what we need to regulate and fund away.
* There's also private funding and educating the general population to choose smaller companies over lower prices. And most companies don't actually do everything they can to 100% maximize profit. However, I don't think you can rely on these factors, because a lot of people aren't really aware or motivated, and a lot of people don't choose for others' or long-term benefits over their own short-term ones.