Supply vs. Demand Is the Most Oversold Notion In Economics

Supply vs. Demand Is the Most Oversold Notion In Economics
(AP Photo/Eric Gay)

It’s accepted wisdom that supply and demand sits at the center of all economic thought. Figure that prices are what organize a market economy, at which point it’s only logical that prices are arrived at via supply of any market good or service versus demand for same.

The problem is that what’s accepted wisdom is nonsense. Or close to it. Think about it.

 

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