▲ 137 ▼ Oil Prices Might Not Go Back to Normal Anytime Soon (www.theatlantic.com) submitted 4 months ago by cm0002@mander.xyz to c/world 18 comments fedilink hide all child comments
[–] Jakeroxs@sh.itjust.works 5 points 4 months ago (2 children) Greedflation doesn't care about demand curve. permalink fedilink source parent hideshow 2 child comments replies: [–] thanksforallthefish@literature.cafe 4 points 4 months ago (1 child) Greedflation is just another way to state some very old economic concepts - inelastic demand and market power. In other words if there is a supplier with little or no competition (monopsony) and a product that people will buy almost regardless of the price in the short term (inelastic demand) then yes the supplier can jack the price up while not losing sales...until people substitute alternatives. This demand curve can be found in any high school economics text book from the middle of the 20th C it's nothing new. And if monopsonists bleed the customers too hard they will find substitutes, even if the product is as basic to life as water or food. People will move countries if they're starving for example. Smartarse quips aside you surely do understand basic economics right ? permalink fedilink source parent hideshow 1 child comment replies: [–] Jakeroxs@sh.itjust.works 2 points 4 months ago* (last edited 4 months ago) No shit moron The problem with the pseudo-intellectual economic theories is it falls flat on its face when faced with the real world, corruption, price fixing, imbalanced power dynamics, propaganda, etc etc. permalink fedilink source parent
[–] thanksforallthefish@literature.cafe 4 points 4 months ago (1 child) Greedflation is just another way to state some very old economic concepts - inelastic demand and market power. In other words if there is a supplier with little or no competition (monopsony) and a product that people will buy almost regardless of the price in the short term (inelastic demand) then yes the supplier can jack the price up while not losing sales...until people substitute alternatives. This demand curve can be found in any high school economics text book from the middle of the 20th C it's nothing new. And if monopsonists bleed the customers too hard they will find substitutes, even if the product is as basic to life as water or food. People will move countries if they're starving for example. Smartarse quips aside you surely do understand basic economics right ? permalink fedilink source parent hideshow 1 child comment replies: [–] Jakeroxs@sh.itjust.works 2 points 4 months ago* (last edited 4 months ago) No shit moron The problem with the pseudo-intellectual economic theories is it falls flat on its face when faced with the real world, corruption, price fixing, imbalanced power dynamics, propaganda, etc etc. permalink fedilink source parent
[–] Jakeroxs@sh.itjust.works 2 points 4 months ago* (last edited 4 months ago) No shit moron The problem with the pseudo-intellectual economic theories is it falls flat on its face when faced with the real world, corruption, price fixing, imbalanced power dynamics, propaganda, etc etc. permalink fedilink source parent