Originally posted by Kuciwalker
The "law of demand and supply", as a precise mathematical rule, is only true in the limit as time goes to infinity. That's because it's a crude mathematical approximation of a chaotic system.
The law of supply and demand (and the theory behind laissez-faire capitalism) is true in the same way it is true that evolution through natural selection produces the most fit organisms.
Originally posted by Kidicious
laws aren't general. The're suppose to always hold true. But the're really just theories that don't hold true at the extremes. That's what we're talking about, right?
laws aren't general. The're suppose to always hold true. But the're really just theories that don't hold true at the extremes. That's what we're talking about, right?
The "law of demand and supply", as a precise mathematical rule, is only true in the limit as time goes to infinity. That's because it's a crude mathematical approximation of a chaotic system.
The law of supply and demand (and the theory behind laissez-faire capitalism) is true in the same way it is true that evolution through natural selection produces the most fit organisms.
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