Supply and demand is basic economics and applies to any form of trading. You can make a point about artificial scarcity but diamonds aint it because the demand is also artificial.
Basically because its deeply oversimplified to the point of being nonsense. As it stands, some assholes in suits set the price. There are constant bouts of shrinkflation, some stores raise prices based on brand prestige, convenience, friction, or because a neighborhood is wealthy. Economics classes create a distorted view of how the world works. And that narrative they taught us is designed to help us accept neoliberalism. And disregard alternatives.
It makes a set of assumptions which don’t apply to the real world, chief among which is perfect knowledge of all agents in a market, which not only doesn’t apply but cannot apply.
Supply and demand is basic economics and applies to any form of trading. You can make a point about artificial scarcity but diamonds aint it because the demand is also artificial.
Yes, basic economics which I learned in-depth during higher education years ago and promptly realised was bullshit.
Why is supply and demand bullshit?
Basically because its deeply oversimplified to the point of being nonsense. As it stands, some assholes in suits set the price. There are constant bouts of shrinkflation, some stores raise prices based on brand prestige, convenience, friction, or because a neighborhood is wealthy. Economics classes create a distorted view of how the world works. And that narrative they taught us is designed to help us accept neoliberalism. And disregard alternatives.
It makes a set of assumptions which don’t apply to the real world, chief among which is perfect knowledge of all agents in a market, which not only doesn’t apply but cannot apply.
Scarcity is a relation between supply and demand, not a low supply accompanied by a low demand.
Yes, I misspoke. The point stands.
The point as you stated it is not accurate.
If you have a point you consider valid, then please offer an accurate phasing.