This take seems ignorant of basic economics. Profits are up because of supply constraints leading to a supply/demand mismatch; blaming it on consumers “passively accepting” price increases is just as ridiculous as calling it “corporate greed”.
It is time for the anti-trust machinery to start working again.
Money is subject to centralized control and manipulation by a quasi-private entity (the Federal Resserve) which holds a monopoly on the cost and supply of money.
Remember, money accounts for half of every transaction in our economy. When one-half of every transaction is controlled by a centralized monopoly, we do not in fact have a free market subject to the laws of economics.
Updated to add: While pure inflation may be driven by the amount of money in a system, prices can also increase for entirely different reasons. (The authors even cite the newly-coined term "excuseflation".)
The two authors of this piece previously wrote for the Financial Times, so they have a lot of credibility.
Honestly, taking their work on its face, they really don't have any credibility.
They misattribute, and show a complete lack of understanding regarding what drives cost-push inflation. They promote misleading and false ideas about what you can do about it too.
People have no say about what prices are when business sector concentration exceeds a certain point, they have to feed themselves.
The article is garbage, and sector concentration is or has exceeded what was previously known during https://en.wikipedia.org/wiki/Robber_baron_(industrialist)