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Econ 101 types are so insufferable and are often the C+ student in Econ 101.
Supply and demand only works in perfectly competitive markets where all parties have perfect information (literally taught in Econ 101).
Companies know this, and do everything in their power to ensure this doesn’t happen, because any surplus due to assymetries flow to the participant with the advantage (also taught in Econ 101).
More recent greatest hits from ‘Economy Understanders’:
What. Is. A. Tariff?
(Arguably this is taught in MacroEcon beginner course, so like, 201, or 102 depending on how your school does things, but yeah…)
That argument made sense before everything was owned by a few megacorps who collude with eachother.
So like, back in 1875.
We outsourced all the manufacturing jobs and gutted the service sector
Yep, I was gonna say this.
Ford was a racist piece of shit.
But he was at least competent enough at capitalism to understand that… consumer products… need consumers… who are paid enough … to be able to buy said products.
Came here for this one word, collusion. Exhibit A Phoebus Cartel
Please change, capitalism (hah, as if).
Or advertising and the science if influence existed.
My favorite is when you break the brains of “econ 101” people with some labor theory of value
‘Okay but you understand that the idea/agreement of me “owning” the factory doesn’t make the web enabled ultra-girth horror villain branded vibrating dildos, right? It’s the workers and artists and IP law negotiators who make the magic happen’
(Please imagine your faves here)
