I don't think that connection is really very strong. Supply and demand is taught in a 101 course -- but maddeningly, discussion of externalities, public goods, information etc tend to get a fairly cursory glance.

It's the latter which have been the most important developments in the past 70 or 80 years (starting with, say, Coase), because they so radically modify and constrain the applicability of pure theories of supply and demand. "Underproduction" belongs to these later developments.