There are many many brilliant experts in multiple fields who also do not grasp S&D. Their arguments stating why they disagree with it usually show the clear lack of understanding the concept. Again, equivalent to someone saying gravity doesn't exist because airplanes fly and rockets blast off into space. To be clear gravity is a much easier concept to grasp than S&D, but the analogy holds regardless. Some arguments are more nuanced, for example if someone suggests inelastic demand disproves the S&D. But that's like saying there is no gravity in space when in fact there is micro gravity. Whatever. I think the easiest way to understand the concept is, when you bring up ANY argument about why it supposedly doesn't work, ask yourself, does the thing you are bringing up change the supply and/or the demand? It's a formula, like multiplication. Changing a math multiplication input from 100 to 500 changes the result but doesn't invalidate the concept of multiplication. Variable inputs can change the result of the equation but the concept of multiplication, and S&D, is the same.
In your defense
The whole thread (75 posts)
- What's the big deal about rate hikes?
- Contrary to popular belief...
- Wow
- podinium
- podinium is basically worthless
- Economics is not physics
- In your defense
- We've covered this before, but you refused to accept it.
- As for ice cream...
- OMFG this is frustrating
- We've covered this before, but you refused to accept it.
- podinium
- Wow
- 1980
- Contrary to popular belief...