3 ms·
This just seems like "well ackshually" pedantry that is ironically incorrect. The supply and demand curve as a specific mathematical model describes commodity m
by nfw2 2mo ago
This just seems like "well ackshually" pedantry that is ironically incorrect. The supply and demand curve as a specific mathematical model describes commodity markets which housing isn't.
Supply and demand are still useful concepts to understand prices in other markets, but the main insight is simple: that higher supply generally leads to lower prices given fixed demand and higher demand generally leads to higher prices given fixed supply.
- keeganpoppen 2mo agoi read this before the article and thought “alright it can’t be that bad”… honestly, you are letting them off easy. it’s like pedantry, but the dunning-kreuger kind.
- nfw2 2mo agotbh it read mostly like gibberish to me, but seemed possible there might be some poorly-articulated but otherwise coherent point about the difference between the technical difference of a supply or demand curve "shifting" vs the turbulence of a market finding equilibrium when the curves are steady. Either way it doesn't matter bc housing isn't a commodity, and what Noah Smith said wasn't incorrect.