Elizabeth Warren has pronounced her verdict on higher food and gasoline prices: they are nothing less than the result of corporate greed. In fact, there is no inflation, only corporations arbitrarily raising prices.
Economics is not simply a series of transactions with hidden implications. Rather sound economics understands that long-term effects outlive the short-term effects of every economic principle or policy.
Most Egyptians have lived their whole lives in a country where the government heavily subsidizes bread prices. But now the deeply indebted Egyptian state faces some tough choices, and Egypt's poor may suffer the most.