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It is increasingly obvious that profit expansion has played an uncomfortably-large role in sustaining high inflation. Corporate margins have expanded dramatically, with many of the world’s largest businesses earning more revenue even as volumes have fallen. Politicians in the US and Canada have seized on the issue, and have increasingly called out corporate “greed” as a major factor in driving prices higher.  But what if it’s all in our heads? Or, more precisely, what if major corporations are only able to raise prices because consumer psychology has shifted after having been constantly bombarded by scary headlines about goods shortages, supply...