Re: CAMREC: The 'no supply-demand curve' sign

From: the Campaign for Real Economics (camrec@mmu.ac.uk)
Date: Tue Oct 17 2000 - 17:33:34 BST

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    From: the Campaign for Real Economics <camrec@mmu.ac.uk>
    Date: Tue, 17 Oct 2000 11:33:34 -0500
    Subject: Re: CAMREC: The 'no supply-demand curve' sign
    

    At 03:56 PM 10/17/00 +0100, you wrote:
    >(The real reason for its invention is that we wanted to have a bit of
    >fun!)

    That's good enough for me. :-) I've never liked the simple supply/demand
    curves.

    I'm sitting here imaging taking an introductory economics class. When the
    teacher puts the first supply/demand curve up, I get up and point out that
    no one uses such a curve to make any decisions and no empirical data
    justifies the curve. The teacher then replies, 'you are right, but this is
    the best we can do for an approximation.' I've never known how to get past
    that reply.

    As I recollect, that is what my economics teacher told me 32 years ago when
    I asked that question at age 17. I doubt the answer has changed, but it
    has been a long time. What passes for an adequate justification for simple
    supply/demand curves these days?

    Mark

    http://www.htcomp.net/markmills



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