Despite what your indoctrination books say, consumers don't set prices - businesses do. You don't "bid" on the price of food, stationary, tyres... In fact, in developed economies consumers can "bid up" very few items - basically only real estate. The price of everything else is supply-driven.
High inflation, in the modern world, happens at times of shocks on the supply chain - energy, raw materials, catastrophic events and so on.
I don't know why you'd peddle some pseudo-psychology with a side-serving of bad moralism, but it's not the truth.
> > I don't know why you'd peddle some pseudo-psychology with a side-serving of bad moralism, but it's not the truth.
Businesses don't exist in vacuum, they are always maniacally monitoring how fast or slowly consumers buy up all their inventory of that particular item or grocery.
You should stop acting like everybody isn't watching everybody else in the pursuit of maxiumum result with minimum effort. Even you are doing so right now by looking up at what 'the other side' (businesses) are doing and trying to politically ostracise 'the other side'.
I said consumers in my OP just because they are a largest group of people, because it also includes business owners, they too are consumers! I further believe the largest group of people always has the lion share of input in a phenomenon.
But of course when a business owner arrives on their premises in the morning and stops wearing the hat of the consumer, they will too be subject to impulsivity by making a impulse purchase of some item from their supplier (based on data, or even more probably gut instinct that it would sell), and the supplier does the same with the farmer, or the raw material procurer etc. etc.
Everybody is watching everybody else, they see that impulsivity pays rewards so they start acting impulsively too, this affects and spreads among the population very evenly regardless of social class, the higher classes impulsivity and impulsive purchases just makes the news while the lower classes doesn't.
> they are always maniacally monitoring how fast or slowly consumers buy up
Of course, but consumer behaviour on most items is relatively fixed, and largely reactive to shocks. That is very visible in the current situation: we had little or no inflation for 20 years and then BANG the cost of natural gas and wheat skyrockets because of herr Putin, and suddenly we're in an inflation-heavy world. That's not consumer-driven, that's supply-driven.
> trying to politically ostracise 'the other side'.
I'm not ostracising anyone. The fact is that prices are set by business owners to maximize their profits - that's just how it is. Consumers can only react to that. Your quixotic comments try to blame consumers for "impulsively" paying higher prices for food or basic supplies, and that's just preposterous.
> consumers in my OP just because they are a largest group of people, because it also includes business owners
No, it does not. Gas-industry CEOs don't bid on gas supplies for their own garage or "impulsively" because they like it; they speculate on a scarce resource, rationally taking opportunities to maximize their gain - and that is what drives inflation, the selling side engaged in rational maximization of profits. Same for petrol, wheat, etc. Everything else, including final consumers, can only react in cascade effects, and trying to blame them is just cruel.
High inflation, in the modern world, happens at times of shocks on the supply chain - energy, raw materials, catastrophic events and so on.
I don't know why you'd peddle some pseudo-psychology with a side-serving of bad moralism, but it's not the truth.