{"id":638,"date":"2009-03-03T02:20:38","date_gmt":"2009-03-03T07:20:38","guid":{"rendered":"http:\/\/onthe8spot.com\/?p=638"},"modified":"2009-03-03T02:20:38","modified_gmt":"2009-03-03T07:20:38","slug":"supply-demand-and-english-food","status":"publish","type":"post","link":"http:\/\/onthe8spot.com\/index.php\/2009\/03\/03\/supply-demand-and-english-food\/","title":{"rendered":"Supply, Demand, and English Food"},"content":{"rendered":"

from Paul Krugman. His musings on bad English food.<\/p>\n

So what does all this have to do with economics<\/a>? Well, the whole
\npoint of a market system is supposed to be that it serves consumers<\/a>,
\nproviding us with what we want and thereby maximizing our collective
\nwelfare<\/a>. But the history of English<\/a> food<\/a> suggests that even on so
\nbasic a matter as eating, a free-market economy<\/a> can get trapped for
\nan extended period in a bad equilibrium<\/a> in which good things are not
\ndemanded because they have never been supplied, and are not supplied
\nbecause not enough people demand<\/a> them.
\nSupply, Demand, and English Food<\/a>.<\/p><\/blockquote>\n

\"Reblog<\/a>