This is simply gorgeous from Mr. Murphy.
Your comments on markets shows just how naive the whole basis of your thinking is
Get over first year undergraduate economics
There are no supply and demand curves
Firstly – they don;t slope consistently, if they exist
Second – advertising, monopoly power and externalities destroys them for most commodities
Third, you assume the existence of homo economicus – which is sweet but utterly ridiculous of you – maximisers aren’t out there – so the market you think exists is simply a fiction
I could go on, and on
I don’t need to – all you prove by your comments is that all you and your like say is based on a profound fallacy – and therefore irrelevant.
In one fell swoop, centuries of economics is overturned by our hero!
Markets don\’t exist nor do supply and or demand curves!
Is there nothing this man doesn\’t know?
I think in fact that he\’s heard some scraps of this or that and then leapt to these truly insane conclusions. For example, of course supply and demand curves don\’t slope consistently. No one has ever tried to say that they do: consider the demand curve for water. At the level of a litre or so a day we\’ll pay damn near anything for it. At the level of millions of litres pouring through the front door it inverts as we\’ll pay people to pump it out of the front room for us.
It would be a very strange economics indeed which didn\’t recognise this sort of thing: and of course economics does indeed recognise it. That the curves change shape at different points, even that they have inflection points, doesn\’t mean that they don\’t exist or that they can\’t be useful at times.
He might also be thinking of the fact that the curves are not continuous (rather than consistent) and that they are discrete. This does complicate matters it is true, but doesn\’t obviate them.
You can fill in the rest for yourselves really: advertising for example doesn\’t destroy demand curves, although it might change them (indeed, the point of it is to shift them….meaning that the existence of advertising rather proves the existence of demand curves which is something of a blow to Murphy\’s thesis).
The very description of monopoly power rests on the way in which the monopolist faces a different supply curve than firms in a competitive market which again is something of a blow to the idea that the existence of monopoly power disproves the existence of supply curves.
Etc, etc and so forth.