The European Commission has welcomed the letter of Prime Minister Kyriakos Mitsotakis asking for the intervention of Brussels to tackle multinationals’ high prices.
The EU commission welcomed the request and responded with a short notce saying the letter is “a contribution to the overall reflection on the future of the single market.”
The guy (and his economic advisors) is pathetic. Over the last 60 years, large and multinational corporations have followed a profit maximisation policy that consists of differential pricing — that is, prices are set by a calculation of how much people are prepared to pay, as opposed to how much it costs to produce each good. That is why well-organized businesses do market research: they estimate the demand curve for each product, in order to make the maximum profit and set the price there.
Of course, I do not approve of this behaviour: it is similar to what monopoly businesses do, and is possible only when the market is poorly competitive and is oligopolistic. Since that applies to almost everything in modern capitalism — largely owing to right-wing politician-idiots like Mitsotakis who have encouraged large business mergers and takeovers — if you don’t like what is going on, then you don’t like the functioning of capitalism.
Is this really Mitsotakis’s position: he doesn’t like capitalism?! Τι μλκς ειναι!