What If Up Is Really Down?

The first thing everyone learns about economics is that the demand curve slopes down and the supply curve slopes upwards. This is described as obvious 2+2=4 and a fact that needs little proof. But recently I read Debunking Economics by Steve Keen which has turned my view of economics on its head. What if down is really up? What if everything taught in basic economics is wrong? What if the supply curve really slopes down? Continue reading “What If Up Is Really Down?”

What If The Market Demand Curve Doesn’t Slope Downwards?

The first thing everyone learns about economics is about supply and demand specifically that the demand curve slopes downwards. This is presented as an obvious fact not needing any proof or discussion. Surely it is obvious that when prices rise, people buy less of a good? What if I told you this wasn’t the case? What if I told you economists have never been able to prove this actually happened in the real world? What if I told you that attempts to prove this actually did the opposite? What if I told you this had been discovered not by cranks or outsiders but rather by some of the main neo-classical theorist? What if I told you that the very foundations of economics weren’t true? Continue reading “What If The Market Demand Curve Doesn’t Slope Downwards?”