28 Mar 2023 5:57 pm
Monderegal » 28 Mar 2023, 5:35 pm » wrote: ↑ Americans live in demand side economics according to Biden. Lower unemployment and higher salaries create demand. That demand is causing inflation since demand is outstripping supply. Supply from places like China with cheap labor is something more in line with the thoughts of supply side. With more supply you have with lower labor costs and offshoring things makes them much cheaper. Of course, that is also a race to the bottom in and of itself.
"Supply and demand is a fundamental concept in economics that describes how prices of goods and services are determined in a market economy. It refers to the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price¹.
In other words, if there is a high demand for a product or service but low supply, then the price will increase. Conversely, if there is low demand but high supply, then the price will decrease²."
Keynesian?
https://www.youtube.com/watch?v=MAiYZ6K ... rt_radio=1