A plan to change how Harvard teaches economics

Re:A plan to change how Harvard teaches economics by js8 on Thursday June 13, 2019 @06:07AM (#20173216)

> Newaccount456 has already covered your confusion over the difference between a movement of and a shift along the supply curve adequately.

I think you're wrong, nobody is confused about shift of the curves. The problem really is, there can be multiple equilibriums even if the curves stay the same.

It is kind of difficult to see and understand why, because the traditional supply/demand theory and diagrams obscure this heavily. But if you look at the problem differently (see my other reference to Blatt), and start taking into account several products at the same time, you will see why.

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Re:A plan to change how Harvard teaches economics by atq2119 on Thursday June 13, 2019 @04:28PM (#20178286)

This is exactly it. The single equilibrium hinges on the assumption about the monotonicity and slopes of supply and demand. But these assumptions are simply wrong, and so multiple equilibria are possible even with a single market. Multiple markets of course make the problem worse.

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