Space/Science — HabitableZone

Space/Science » in reply to Sound the alarms

If supply and demand is really conceptually valid...

...then why isn't ice cream cheaper in winter?

I would urge you to understand economics is not a science, its a means of justifying whatever it is you want to do to maintain (or change) the status quo. Conflicting economic schools coexist, just as they do in politics, psychology and religion. And for the same reason.

What you need to understand is that there is a difference between a necessary and a sufficient condition. Sure, if there is a scarcity of a commodity, its price should go up. But if there's an abundance of it, its price does not necessarily go down.

Economic theory is a way of explaining away the contradictions and inconsistencies between what is happening and what should be happening.

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