From a macroeconomic perspective, lowering inflation is exactly what taxation does.

Economists were initially skeptical, but they are increasingly in agreement that so-called “seller’s inflation” (called “greedflation” by the media) is real. “Excess profits” means profits in excess of what would be expected under competitive market conditions. Here’s the economic puzzle: when costs go up, profits should go down. But the opposite is happening. There must be some market failure.

Correcting this failure doesn’t “drive away competitiveness”. Excess profits are a market failure precisely because of a lack of competition! I think what many Canadians confuse is “defending industry” and “defending competitive markets”.

Coddling uncompetitive industries is precisely how we get things like the worst telco industry in the world, and super high grocery prices. That is what actually stifles competitiveness.