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Economics Lecture Two (view source)

Revision as of 01:10, August 11, 2009

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what is irrelevant to supply and demand?
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Supply and demand comprise a very powerful force, stronger than any individual or government.  Over time, supply and demand prevail, and ultimately all authorities endorsed the idea of an English translation of the Bible, leading to the printing of the magnificent King James Version in 1611.  But the unstoppable effect of supply and demand did not occur soon enough to help Tyndale himself; he was executed as a heretic in 1536 after he refused to recant his beliefs.
 
Supply and demand comprise a very powerful force, stronger than any individual or government.  Over time, supply and demand prevail, and ultimately all authorities endorsed the idea of an English translation of the Bible, leading to the printing of the magnificent King James Version in 1611.  But the unstoppable effect of supply and demand did not occur soon enough to help Tyndale himself; he was executed as a heretic in 1536 after he refused to recant his beliefs.
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== What is irrelevant to Supply and Demand? ==
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Many things that you might think are important to the pricing of a good or service in the market are actually irrelevant.  Supply and demand by many people determine the price, and thus the preferences of any single individual are irrelevant.  The wealthiest person in the world cannot affect supply and demand any more than the poorest person can, in a free market.  Supply and demand transcends and is above the views, preferences, and buying habits of any individual or small group of people.
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Note also that supply and demand do not care who a person is or what his background may be.  The store owner sells a chocolate candy bar for the same price to the richest man in the world as to the poorest man in the world.  The President pays the same price as the most disliked person in town.  Supply and demand, and the free market, treats everyone fairly and equally.  Someone who walks into a candy store and offers to buy '''''all''''' the candy bars in the store may receive a slightly better price per candy bar because he is paying so much, but he won't receive any better treatment than anyone else, even the most disreputable person in town, who might also offer to buy all the candy bars in the store.  The free market responds to powerful economic forces above any possible prejudice, gossip, or personal preferences.
    
==Equilibrium & Information==
 
==Equilibrium & Information==
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