> Isn't supply-and-demand nebulous? Supply and demand are concepts we invented to help us better understand how markets work. They are purely descriptive (as o

> Isn't supply-and-demand nebulous? Supply and demand are concepts we invented to help us better understand how markets work. They are purely descriptive (as opposed to prescriptive). They are quite effective at describing important aspects of market dynamics, which is why they are used so much. Of course, they are far from capturing all of the complexities of human commerce, but they are still incredibly useful.