"Law" of Supply and Demand

People, policy makers, politicians have a tendency to think that the Law of Supply and Demand is an actual law.

It is NOT.

The "Law of Supply and Demand" is a construct created to cover corporate greed.

Let us take the classic case of "widgets". Suddenly there is a huge demand for widgets (created, no doubt by a social media influencer). There is NO force in that increased demand that coercises MegaWidget Corp to raise its prices. The only thing that the increased demand does is signal to MegaWidget that it can indulge its greed.

Then, when a youTuber reveals that widget use causes teenage acne, and demand plummets, there is NO force that causes MegaWidget Corp to reduce its prices. It can set its price anyway it pleases.

There is NO law!

Stop setting policies and actually making laws based on the false premise that the Law of Supply and Demand has power. The only thing that the law of supply and demand does is cover MegaWidget's ass when it decides to raise prices.

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