Talk:Supply and demand

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Revision as of 10:51, 5 January 2008 by imported>Nick Gardner
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 Definition:  The explanation in economic theory of the factors that influence the supply of, and the demand for, goods and services; and of the market mechanisms by which they are reconciled. [d] [e]
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A fresh start

I am inclined to believe that this is all that need be said in this article, given that the reader can learn more by following either of the two links.

It may come as a surprise that I have not used the familiar intersecting curves to illustrate the concepts. I suspect that graphical reasoning is helpful only to those who have a grounding in the physical sciences, and that others find it off-putting. In any case, I do not think that in this case it adds anything that cannot be conveyed by simple verbal logic.

Nick Gardner 05:21, 17 October 2007 (CDT)

Nick - If this article is about the law of supply and demand, then I'd agree that it's developed, though not complete - there should be a discussion about apparent violations of the law of supply and demand, more discussion of elasticity, and the effects of taxes and rationing on the equilibrium. However, if the article is about supply and demand, then there needs to be significantly more added to it, to explain supply, to explain demand, to explain substitution effects, explain time lag effects, etc., as well as those issues which I listed above. Anthony Argyriou 12:32, 25 October 2007 (CDT)

Anthony - I have inserted links to articles on the topics to which you refer - preferring to keep this article easy to read for those who do not need elaboration, while serving as a gateway to other articles for those who do. I should be content to see the title changed to The Law of Supply and Demand.

I have also deleted an inserted paragraph that suggested that the concepts concerned are valid only when a range of assumptions are satisfied - and I have added a final paragraph to refer to cases of zero and negative elasticity.

Nick Gardner 09:51, 5 January 2008 (CST)

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