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Vice President Kamala Harris' proposal to combat grocery inflation hasn't elicited a range of opinions from economists, and many have turned to history to dispute her idea.
Last week, the Democratic presidential nominee unveiled early details of her economic platform, which included a pledge to ban grocery price gouging .
Price gouging skepticism
The plan has elicited a range of responses from experts and economists, with some deriding it as an unnecessary overstep by the government to address a problem that is not at the heart of the inflation dilemma.
"I hope she walks this one back. She had some good ideas, some mixed ideas," Harvard professor Kenneth Rogoff told CNN . "This was a horrible idea."
Rogoff's position was based on doubts about whether retailers were to blame for the wave of inflation that has weighed on Americans' spending power in the last two years.
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Harris called for a first-ever federal ban on the basis that firms have notched record profits at a time when many households have struggled to adjust to runaway costs. Since January 2020, grocery prices have jumped 25%.
But according to market veteran Ed Yardeni, data doesn't suggest gouging is the problem.
He wrote this week that the ratio between the consumer price index and supermarket producer price index has been dropping since 2000, suggesting that profit margins in the industry have been trending down, not up. CPI tracks prices paid by consumers, while PPI measures the prices paid by wholesalers.
And yet, consumers feel strongly that corporate greed is a central factor for why prices have risen abruptly. In a study from May, price gouging was the second leading perceived cause of inflation among surveyed consumers.
Real-world examples do exist. Cal-Maine, the largest egg producer in the US, saw its profits rocket 718% in the first quarter of 2023 . By December, the distributor was found liable for artificially inflating prices.
'Price controls' a partisan label?
Whether gouging deserves the blame for inflation, some have also criticized Harris' plan as an ineffective government overreach.
Pundits have alluded to the price controls under President Richard Nixon. The Republican executive froze prices and wages over fifty years ago to clamp down on inflation, but it eventually jumped much higher, according to Cato Institute , a libertarian think tank.
"I think all of us would agree that price controls have never worked," Stephen Moore, visiting senior fellow at the conservative think tank Heritage Foundation, told CNBC . "They certainly were a complete failure in the 1970s when we had major inflation that hit 11%-12% and the government couldn't get rid of it."
Broader examples through history show that price ceilings can distort the allocation of goods and supply, as prices no longer serve to signal a surplus or scarcity. This can eventually lead to shortages and higher pricing.
However, supporters of the plan argue that such comparisons are an overreaction to Harris's proposal, as the details thus far say nothing about fixing costs.
"This is not 'price controls.' 40 states have price gouging laws on the books. These are red states. These are blue states," Groundwork Collaborative executive director Lindsay Owens said, noting that Donald Trump also cracked down medical supply price gouging during the pandemic. "This is a common-sense set of policies."
The federal ban would help patch up legal inconsistencies between each state's approach, experts told Business Insider . Harris would likely find success by empowering the Federal Trade Commission to pursue bad actors, though the challenge would lie in carefully defining price gouging.
While the plan's advocates have cheered this on, anonymous campaign sources that spoke with The New York Times noted that even allies may have the wrong idea about what it can do .
Given that it would be modeled on state laws, the ban would really only come into effect in emergencies, officials said, stating that just as price-control critiques are misguided, so are expectations that the ban will immediately cut down on grocery costs.
For that to happen, a campaign official cited Harris' other policy ideas, such as efforts to spur competition and support small businesses in the food sector.
While economists are divided, voters seem supportive of the proposal. Summer polling from the Democratic firm Blueprint found that four out of five voters are in favor of price-gouging prosecution, as well as price fixing.
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Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...
Step #3: Conduct Your Market Analysis. Step #4: Research Your Competition. Step #5: Outline Your Products or Services. Step #6: Summarize Your Financial Plan. Step #7: Determine Your Marketing Strategy. Step #8: Showcase Your Organizational Chart. 14 Business Plan Templates to Help You Get Started.
A good business plan guides you through each stage of starting and managing your business. You'll use your business plan as a roadmap for how to structure, run, and grow your new business. It's a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners.
Creating a business plan requires clarity and precision. First and foremost, keep your business plan clear and concise. Avoid using jargon or complex language that could make the plan difficult to ...
The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it's a summary of the complete business plan. ... The seven steps to writing a business plan include: Write a brief executive summary; Describe your products and services.
While your plan will be unique to your business and goals, keep these tips in mind as you write. 1. Know your audience. When you know who will be reading your plan—even if you're just writing it for yourself to clarify your ideas—you can tailor the language and level of detail to them.
How to write a detailed business plan. Let's walk through writing a detailed business plan step-by-step and explore an example of what a finished business plan (for a local swim club Pools & Laps) built with LivePlan's business plan builder looks like. 1. Executive summary.
How to Write a Business Plan, Step by Step A well-written business plan should include details about your business's goals, products or services, and finances. Updated Jun 18, 2024 1:10 p.m. PDT
1. Create Your Executive Summary. The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans. Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
Step 1: Write your executive summary. Though this will be the first page of your business plan, we recommend you actually write the executive summary last. That's because an executive summary highlights what's to come in the business plan but in a more condensed fashion. An executive summary gives stakeholders who are reading your business ...
3. Write your company description. Every business plan needs a company description—aka a summary of the company's purpose, what they do/offer, and what makes it unique. Company descriptions should be clear and concise, avoiding the use of jargon, Cobello says. Ideally, descriptions should be a few paragraphs at most.
Step 7: Financial Analysis and Projections. It doesn't matter if you include a request for funding in your plan, you will want to include a financial analysis here. You'll want to do two things here: Paint a picture of your business's performance in the past and show it will grow in the future.
Learning how to write a sound business plan is an essential first step toward creating a successful business. Simply put, a business plan outlines your business's overall goals, strategies, and operations, providing a long-term vision and plan for your entire business. It's not to be confused with a business proposal, which is a sales ...
How To Write an Effective Business Plan in 6 Steps. ... Whatever the name, the first part of your business plan summarizes your idea by answering five questions. Keep it brief, such as an elevator ...
10 Steps To Creating A Comprehensive Business Plan. While not every business plan is the same, there are a few key steps you should take to create an effective and comprehensive document: . 1. Create an executive summary. Think of an executive summary as your company's elevator pitch in written form.
This is typically one of the first pieces of the plan to be written. 3. Market analysis and opportunity. Research is key in completing a business plan and, ideally, more time should be spent on research and analysis than writing the plan itself. Understanding the size, growth, history, future potential, and current risks inherent to the wider ...
How to write a business plan. Make sure you cover each of the following steps when preparing your document: 1. Write an executive summary. This section of your business plan should be 1-2 pages in length and enables potential financiers or partners to get an overview of what your business does and - most importantly — what the opportunity ...
10 steps to start your business. 10 steps to start your business. Plan your business. Launch your business. Manage your business. Grow your business. 10 steps to start your business. Starting a business involves planning, making key financial decisions, and completing a series of legal activities. Read on to learn about each step.
Most business plans have several distinct sections (Figure 11.16). ... which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company ...
Investors: Investors may use your business plan to assess the potential return on their investment. Lenders: Lenders may use your business plan to evaluate your creditworthiness and determine whether to provide funding. Employees: Employees can use the business plan to understand the company's goals, strategy, and their role within the ...
It is crucial to define a complete and clear statement as a scope. This scope will serve as the main concept going forward, helping the team understand and realize exactly what the business needs. It is important to take note that the scope is not an implementation plan, it is merely a guide detailing all the steps of the business analysis process.
The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may ...
Starting a retail business can be an exciting and rewarding venture. However, it requires careful planning and a solid strategy to ensure success. In this article, we will guide you through the essential steps of opening your first retail store and provide you with a step-by-step success plan. Understanding the Basics of Retail Business
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Kamala Harris unveiled plans for the first-ever federal ban on price gouging. Some experts question whether price gouging has been a central factor in inflation's rise. Opponents say the plan ...
MoSCoW prioritization, also known as the MoSCoW method or MoSCoW analysis, is a popular prioritization technique for managing requirements. The acronym MoSCoW represents four categories of initiatives: must-have, should-have, could-have, and won't-have, or will not have right now. Some companies also use the "W" in MoSCoW to mean "wish.".