This is playing out currently, quite openly, as the FTC investigates whether companies have raised prices more than costs have risen from inflation. It's becoming increasingly clear that the academic economic consensus is, simply, disconnected from how markets actually operate. For instance, while each day has brought a new study of consolidated companies engaging in pandemic price gouging, academic establishment luminaries like Larry Summers continue to argue that antitrust is unrelated to inflation.

We're in a true "Emperor's new clothes" moment.