I am so tired of people echoing “supply and demand” like it’s Econ 101. The modern market is infinitely more complex with infinitely more ways to create inefficiencies that don’t respond to simple supply and demand.
The problem is that focusing on supply and demand ignores all the ways markets are sticky and not efficient. Asserting that markets are efficient is equivalent to asserting that P == NP.
It's especially galling because if markets actually worked this way, then central planning would work as well.
"Econ 101" people always seem to ignore that there are higher level economics courses that further expound upon the many complexities, nuances and vagaries of "supply and demand."
