Talk:Law of supply

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There is no law of supply analagous to the law of demand. Jgard5000 (talk) 05:25, 14 October 2009 (UTC)jgard5000[reply]

This is exactly what I wanted to discuss as well. I am taking a course in microeconomics right now and the two books we have contradict each other somewhat. Just to give you the relevant excerpts:

1) "In general, when there are many sellers of a good, an increase in price results in an increase in quantity supplied, and this relationship is often referred to as the law of supply." Rittenberg & Tregarthen in 'Principles of Microeconomics'

2) "Although the Law of Demand requires that the demand curve slope downward, there is no 'Law of Supply' that requires the market supply curve to have a particular slope. The market supply curve can be upward sloping, vertical, horizontal, or downward sloping." Perloff in 'Microeconomics', 5th edition.

If there still is disagreement about the law, then this should be added to the article. I found the same issue in economics and will get some feedback there first before changing it here.Afghani84 (talk) 15:08, 16 March 2012 (UTC)[reply]

There is a Law of Supply just as much as there is a Law of Demand. Both can be violated. Giffen goods violate the Law of Demand for instance. Without the Law of Supply there would be no Theory of the Firm or profit maximization. I've never heard of that textbook, but you probably took it out of context.

76.115.120.22 (talk) 23:39, 21 June 2012 (UTC)[reply]

I agree with Afghani. Violations of the Law of Demand can theoretically occur but are rare, and are accounted for.

However, the widespread idea that supply increases when demand increases -- I want some citations. I don't care how many textbooks, professors, or economists say it is true, I want statistics -- raw, hard evidence. So please do not cite a book or person. Please cite a well-documented statistical inference based on real data. SuperChocolate (talk) 00:19, 7 October 2014 (UTC)[reply]

++++ Economics is a descriptive science, not a prescriptive one. There are no laws in economic theory, as there are in, say, physics. Economics has principles based on human behavior. Economics is not about laws that people are supposed to follow. Consider also that if a 'law' can be violated, it's probably not a "law" but something else. 97.113.249.183 (talk) 07:56, 21 February 2017 (UTC)Morgan ++++[reply]

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I'm not an economist, but I do recall from multiple econ classes that price is a deriviation of the intersectino of supply and demand, and that price is NOT derived by moving along the curve. So the statement, ..."an increase in price results in an increase in quantity supplied," would seem to me to be backwards; it implies that price drives demand, when in fact demand drives price. It may seem like a distinction without a difference, but it matters; the demand at any point in time is fixed, hence the demand curve, and the price is the variable, which changes based upon the quantity demanded.

BSQTX

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The above message was substituted from {{IEP assignment}} by PrimeBOT (talk) on 20:11, 1 February 2023 (UTC)[reply]