Repealing the Law of Supply and Demand
by J.D. Croft

Although there seems to be little chance of changing it, we should at realize that all legislation which impacts the economy is designed to do so -- in one way or the other -- by altering the Law of Supply and Demand. Yet, that law is as inviolable as The Law of Gravity. It cannot be repealed by legislation, regardless of how well-intended it may be.

The Law of Supply & Demand prevails faithfully even in totally-controlled and centrally-planned societies -- simply by creating an unavoidable "Black Market". Every piece of economic legislation may appear to solve an immediate problem, but inevitably creates more unanticipated problems than the one it is intended to solve. The result, of course, is that we must then create other legislation designed to resolve the newly-created ones. The end result is that we wind up with so much legislation that literally everything is controlled in one way or the other, until we sink ourselves in an endless sea of red tape, forms, & bureaucratic controls Ad Nauseum !!!

It is time we recognize the basic problem: Namely, that although we may not like The Law of Supply & Demand, it is absolutely inviolable. We will not solve any economic problems until we at realize this basic truth.

J. D. Kroft, BSEE, Purdue (1949), & MSIM, MIT as an Alfred P. Sloan Fellow

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