this post was submitted on 26 May 2024
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A helium balloon does not invalidate the law of gravity.
The law of supply and demand describes market forces, but these are not the only forces that act on prices. Perceived value, fomo, FArtS, and even your basic fraud, all of these are also forces that act on pricing. Economics, like physics, does not happen in a frictionless vacuum.
That's not falling up. That's a phenomenon that is explained by physics. The Dinosaur Comic is saying that if gravity was found to be non compliant once, the law of gravity would be rewritten to make it make sense within the knowledge at hand. Economics has these regular events that invalidate a defined "Law" and they ignore it.
Good luck finding any nontrivial law that applies to each and every instance of a human construct. “Money can be exchanged for goods and services” until you show up at a store with 10 kilograms of 1-cent coins. A single violation (or even many) don’t mean the underlying law (or rule or principle or guideline or whatever ‘less strict’ version you want to call it) is bad.
Newton’s gravity is wrong. There’s no arguing about that. But still every middle-schooler around the world learns it because it is ‘good enough’ in all but extraordinarily special cases.
Relevant XKCD: https://xkcd.com/435/
You must be new to science. Congrats on starting the journey! To help with your learning, you should know Newton gave 3 laws which hold up surprisingly well. Check them out!
Something else important is that gravity exists as a constant and can be found based on how much mass is involved. For example, on earth, it is a set acceleration of 9.8 m/s2.
As a counter point, economics is allergic to labeling the axis on graphs except to show vague ideas like supply and demand. It is a field of study based on salesmanship and social inertia, not real science.
The intro to the very article you linked states 3 exceptions lol
Someone clearly never got past Econ 101. Get an education.
I knew some tard burger would come here to say this.
Except those regular events aren't ignored, and they don't invalidate economic laws any more than helium balloons. When regular events are found to be non-compliant, the laws of economics are rewritten to make it make sense with the knowledge at hand. Those statements are equally true of economics and physics.