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Supply and demand are core of economic theory

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Supply and demand are the core of economic theory, and if equilibrium is thrown in, it's almost a holy trinity to some economists. In addition, many economists, although they actually know better, assume away any market imperfections, and believe any market is better than a government program. Then the corona virus comes along, and markets seem to fail to perform their sanctioned tasks. The benefits and costs of many economic transactions suddenly have an undeniable set of side effects on society as a whole, not just on those making the transaction.

However, supply and demand still operate within the more restricted area of CoVid-19. Discuss how these two factors play a role in an economy that is to a degree closed, and an even greater role on all of us when the economies start to open up. Will changed "tastes" for services change demand so much that suppliers may have to adjust to a new economic world?

How much should we leave to individual choice, as some of the protesters for a more open economy demand?

Reference no: EM133377411

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