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Re:Once a fringe theory, “greedflation” gets its due by klyrs on Monday May 22, 2023 @05:47PM (#36037127)
> Now Porky Pig gets greedy and raises the price of ham to $60. Now you have only $40 to spend on eggs, and (due to the Law of Supply & Demand) the price of eggs declines.

Pull the other one, it's got bells on. Supply and demand is a nice theory, but calling it a law is magical thinking. If I go to the store and say "please sir I'd like to buy eggs but I don't have enough money" they tell me to piss right off, this isn't candyland.

Re:Once a fringe theory, “greedflation” gets its due by prepend on Monday May 22, 2023 @06:11PM (#36037335)
You piss off. And so do all the other customers who don’t have enough. Then the store has all these eggs left over and lowers prices because there’s less demand.

It’s not magic, and it isn’t candy land. But arguing that the law of supply and demand is pretty silly as there’s massive evidence of its existence.

Re:Once a fringe theory, “greedflation” gets its due by klyrs on Monday May 22, 2023 @06:23PM (#36037450)
Markets can remain irrational longer than you can remain solvent. Supply and demand is a great principle but you'll go hungry in the meantime. And if you're just poorer than your neighbors, the grocery store can jack up the price of eggs to cover the ones that spoiled because you couldn't afford them.
Re:Once a fringe theory, “greedflation” gets its due by WalterBright on Monday May 22, 2023 @07:50PM (#36038159)
Open a grocery store and give it a try.
Re:Once a fringe theory, “greedflation” gets its due by klyrs on Monday May 22, 2023 @09:05PM (#36038614)
You mistake me for a person with enough money to open a grocery store.
Re:Once a fringe theory, “greedflation” gets its due by WalterBright on Tuesday May 23, 2023 @01:12PM (#36047431)
There are lots of businesses you can start with little to no cash. Try gouging your customers. Let us know how it goes.
Re:Once a fringe theory, “greedflation” gets its due by klyrs on Tuesday May 23, 2023 @03:22PM (#36049481)
Where I live, almost all grocers are owned by one of two umbrella corporations, who appear to coordinate their prices. Similar story for farms.. It takes monopoly power to gouge and get away with it.
Re:Once a fringe theory, “greedflation” gets its due by prepend on Monday May 22, 2023 @10:02PM (#36038940)
Don’t argue with me, argue with reality, https://www.econlib.org/library/Enc/Supply.html

Don’t mistake your own experience with the entire market.

The market doesn’t care what happens to you. The market cares what happens to everyone. Of course you’ll go hungry. Supply and demand doesn’t determine how much you will pay or if you will eat. It just sets a price and maybe you can afford it and maybe you can’t.

The grocery store can’t jack up the price if people aren’t willing or able to pay that amount. They might stop carrying eggs altogether, but they are more likely to price at whatever the market will bear.

Re:Once a fringe theory, “greedflation” gets its due by klyrs on Monday May 22, 2023 @10:23PM (#36039060)
It sounds like you agree that Walter's statement

> Now you have only $40 to spend on eggs, and (due to the Law of Supply & Demand) the price of eggs declines.

was utter bollox

Re:Once a fringe theory, “greedflation” gets its due by WalterBright on Monday May 22, 2023 @06:22PM (#36037436)
> Supply and demand is a nice theory, but calling it a law is magical thinking

Is it now? Most government failures come from denying the LofS+D exists, or trying to repeal it. It works about as well as that state that passed a law defining pi to be equal to 3.0.