All Commentary
Tuesday, June 16, 2015

Breaking News: NY Times Confirms Supply, Demand Still Working

A thorough investigation shows that demand curves slope downwards

With thanks to Greg Barkimer, who saw this and knew it was gold. Here is an actual headline, seriously, in the New York Times:

Bird Flu Sends Egg Prices Up, but Slowing Demand Prevents Shortages.”

Well… yes. How economically illiterate would you have to be to write that headline? Answer: illiterate enough to work for the New York Times.  

This is on the order of “Water: Still Wet!” or “That Crazy Sun: Rising in the East Again This Morning.”

There can never, never be a shortage if prices are free to adjust, because a shortage is insufficient quantity supplied for quantity demanded at current prices.

Lagniappe:  This was in the “Science” section.  Yes, it was.

Cross-posted from Kids Prefer Cheese.

  • Michael Munger is the director of the philosophy, politics, and economics program at Duke University. He is a past president of the Public Choice Society.