Right. Covid killed over a million people, equivalent to 12-15% of the surplus population (reserve army of labor in Marxist terms.) This created an increase in wages (the media called it “the great resignation”.) The fed raised interest rates to get companies to stop hiring, and lots of white collar jobs got let go due to decreased demand for tech/services after covid (blame it on AI.) This stabilized costs in many sectors, but companies didn’t decrease their prices to pre-pandemic levels, they kept them where they were or continued to raise them leading to increased profitability.
Right. Covid killed over a million people, equivalent to 12-15% of the surplus population (reserve army of labor in Marxist terms.) This created an increase in wages (the media called it “the great resignation”.) The fed raised interest rates to get companies to stop hiring, and lots of white collar jobs got let go due to decreased demand for tech/services after covid (blame it on AI.) This stabilized costs in many sectors, but companies didn’t decrease their prices to pre-pandemic levels, they kept them where they were or continued to raise them leading to increased profitability.
Read Value, Price and Profit