Stephen Yearwood
1 min readOct 3, 2019

--

Thank you for that. I had never thought about capitalism in quite that way. The answer, I think, lies in the market mechanism. Specifically, the price elasticity of demand, the degree to which demand changes in response to changes in price. Where needs are concerned, it takes a lot to diminish demand. People will strive to find a way to pay for them. (So far, food has been plentiful enough, with enough different suppliers, to overcome the inelasticity of demand for it.)

--

--

Stephen Yearwood
Stephen Yearwood

Written by Stephen Yearwood

M.A. in political economy (money/distributive justice) "Please don't confront me with my failures/ I'm aware of them" from "These Days," as sung by Gregg Allman

No responses yet