[usaar333]

I'd expect analysis explaining why firms are able to achieve "excess profit" now for such a strong claim to be believed.

[w10-1]

(1) profit is up. No analysis is required to explain a fact.

(2) profit is up because current winners have built enduring technological, organization, and market advantages that cannot be replicated by competitors in any reasonable time frame for market competition to discipline prices

(3) Because the current winners are stable, no one (in finance, business or government) gains by backing competitors, which amplifies the effect.