Talk:Supply and demand

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Please pay attention to appropriate linking: this article is used an example

The guidelines at Wikipedia:Manual of Style/Linking#An example article uses this article as an example:

For example, in the article on supply and demand:

• almost certainly link "microeconomics" and "general equilibrium theory", as these are technical terms that many readers are unlikely to understand at first sight;
• consider linking "price" and "goods" only if these common words have technical dimensions that are specifically relevant to the topic.
• do not link to the "United States", because that is an article on a very broad topic with no direct connection to supply and demand.
• definitely do not link "wheat", because it is a common term with no particular relationship to the article on supply and demand, beyond its arbitrary use as an example of traded goods in that article.
• Make sure that the links are directed to the correct articles: in this example, you should link good (economics), not good.

Despite the above, the word "wheat" has been linked in this article since 2004 (the above was incorporated into the guideline in 2009 but may have been moved from elsewhere). I'm leaving this note here and at Wikipedia talk:Manual of Style/Linking#Discrepancy between guidelines and example article to draw attention to this and encourage cross-checking to avoid such discrepancies recurring. —sroc 💬 12:57, 2 February 2014 (UTC)

Consider Adding section: "Human Subject experiments with Supply and Demand"

In the 1960s, Vernon L Smith developed market experiments based on inducing known Supply and Demand curves into a group of human subjects through cash payments, and then observing the patterns of bids, asks, and trades in a market setting (1962, American Economic Review). For this and other work based strongly on supply/demand experiments and competitive market models that rely upon rational profit-seeking behavior, he shared the 2002 Nobel Memorial Prize in Economic Sciences. His work, along with numerous others, helped to found the specialty of Experimental Economics.

Inaccessible to the lay reader

The following quote, from the criticisms section, is inaccessible to the lay-reader:

"The philosopher Hans Albert who argued that the ceteris paribus conditions of the marginalist theory rendered the theory itself an empty tautology and completely closed to experimental testing. In essence, demand and supply curve (theoretical line of quantity of a product which would have been offered or requested for given price) is purely ontological."

I understand this is a highly-abstract argument in a highly technical field, but the purpose of an encyclopedia is to summarize information succinctly and clearly for public consumption. I'm not a total ignoramus--both "tautology" and "ontology" are in my vocabulary--but I can't make heads nor tails of these sentences. This passage is completely opaque and needs some elucidation.

-It is just stating the obvious that demand and supply curve is like Freudian ego/ido or 4 elements theory (fire, water, earth, wind) of alchemist, and is beyond empirical measurement. Only thing which is empirically measurable is actual sale which took place. What could have been sold at different price at the same time the sale took place is purely hypothetical/philosophical/ontological speculation unless one can look into a parallel universe. .

- Hi. There's a problem with the statement of the argument. It's incomprehensible even to those who know the meanings of the words. The last sentence should substitute "tautological" for "ontological." — Preceding unsigned comment added by 2604:2000:6154:B800:68C9:9AAB:7414:ACF8 (talk) 07:45, 3 September 2018 (UTC)

- Hi. The Hans Albert critique seems obsolete. As it stands, a bit like reading "someday man may walk on the Moon". Back in the 1960s, Vernon L Smith developed market experiments based on induced Supply and Demand with markets populated by human subjects (1962, American Economic Review). For this and other work based strongly on supply/demand experiments and competitive market models that rely upon rational profit-seeking behavior, he shared the 2002 Nobel Memorial Prize in Economic Sciences. The shared prize was with alternative work about individual choice (not markets) under uncertainty (Daniel Kahnemann's) that focused on human irrationality or departures from rationality.

Dr. Fujii's comment on this article

Dr. Fujii has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:

Compared with the treatment of history, which presumably benefits only a limited fraction of readers, the treatment of empirical estimation is very limited. Further, the description is probably completely incomprehensible to non-economists.

We hope Wikipedians on this talk page can take advantage of these comments and improve the quality of the article accordingly.

Dr. Fujii has published scholarly research which seems to be relevant to this Wikipedia article:

• Reference : Tomoki Fujii, 2014. "Is urban food demand in the Philippines different from China?," Working Papers 18-2014, Singapore Management University, School of Economics.

ExpertIdeasBot (talk) 16:42, 19 May 2016 (UTC)

Dr. Kebede's comment on this article

Dr. Kebede has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:

good article

We hope Wikipedians on this talk page can take advantage of these comments and improve the quality of the article accordingly.

Dr. Kebede has published scholarly research which seems to be relevant to this Wikipedia article:

• Reference : Bereket Kebede, 2004. "Intra-household Distribution of Expenditures in Rural Ethiopia: A Demand Systems Approach," Development and Comp Systems 0409032, EconWPA.

ExpertIdeasBot (talk) 09:17, 16 June 2016 (UTC)

Dr. Jambor's comment on this article

Dr. Jambor has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:

It is hard to write shortly on supply and demand as basic notions of economics but the author has made a great job here.

We hope Wikipedians on this talk page can take advantage of these comments and improve the quality of the article accordingly.

Dr. Jambor has published scholarly research which seems to be relevant to this Wikipedia article:

• Reference : Bakucs, Zoltan & Jambor, Attila, 2014. "Consumer price volatility in the New Member States: Insights from the agri-food sector," 142nd Seminar, May 29-30, 2014, Budapest, Hungary 169793, European Association of Agricultural Economists.

ExpertIdeasBot (talk) 18:20, 27 June 2016 (UTC)