Archive for December, 2015

The Lie of Supply and Demand

December 16, 2015

Every time I get involved in some kind of conversation or debate over economic justice, there’s always some guy who will jump in to invoke the “Law of Supply and Demand.” Invariably, he steps back then to see if any of us are dumb enough to continue. It’s a law, man, a settled issue, something that only an idiot would challenge. But supply and demand is not a law. A law is something that absolutely must happen. But no one has any obligation to follow this supposed law in any transaction they control. If I have the only loaf of bread and I’m surrounded by hungry people, I can give the bread away if I so choose. Supply and demand is a syndrome—a philosophical justification for greed. One of the assumptions behind supply and demand is that people naturally want to get as much as they can and will play every angle they can in order to get it. A further assumption is, that’s okay. The only law involved then is the Law of the Jungle. But it’s not okay. Greed is killing us. It’s been sanctioned for a long time and the ill-effects are mounting. Climate change is one of them. Another is the cost of housing. We have to change our approach to how we exist and survive. We don’t need so much stuff. We’re heading for the cliff, and the cliff isn’t that far away now. If we don’t stop soon, we’re going over it.

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