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Inflation recently escalated to a 40-year high at 8.3%. For the 12 months ending December 2022, in the U.S., it was down to 4.98%, but
Inflation recently escalated to a 40-year high at 8.3%. For the 12 months ending December 2022, in the U.S., it was down to 4.98%, but it's still over 9.9% in the European Union. Please find two articles written in the last year that describe the causes of price inflation and describe how it does or does not impact demand for products that consumers regularly purchase. In each case, determine if the price increase is justified or if it is the result of the concept of the "invisible hand," whereby providers of goods are increasing prices for personal gain at the expense of consumers. Include in your comment what you have learned about Invisible Hand. Do we operate in a free market, or is the market influenced by certain special interests? For example, here is an excerpt from the Brennan Center for Social Justice regarding Citizens United. January 21, 2020, will mark a decade since the Supreme Court's ruling in Citizens United v. Federal Election Commission, a controversial decision that reversed century-old campaign finance restrictions and enabled corporations and other outside groups to spend unlimited funds on elections. Note: The invisible hand is a metaphor for the unseen forces that move the free market economy. Through individual self-interest and freedom of production and consumption, the best interest of society as a whole is fulfilled (Majaski, 2022)
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