{"id":22927,"date":"2017-07-07T01:28:56","date_gmt":"2017-07-07T01:28:56","guid":{"rendered":"https:\/\/highplainsblogger.com\/?p=22927"},"modified":"2017-07-07T01:28:56","modified_gmt":"2017-07-07T01:28:56","slug":"supply-and-demand-and-supply","status":"publish","type":"post","link":"https:\/\/highplainsblogger.com\/?p=22927","title":{"rendered":"Supply and demand and supply &#8230;"},"content":{"rendered":"\n<div class=\"twitter-share\"><a href=\"https:\/\/twitter.com\/intent\/tweet?via=jkanelis\" class=\"twitter-share-button\">Tweet<\/a><\/div>\n<p><a href=\"https:\/\/highplainsblogger.com\/wp-content\/uploads\/2017\/07\/perry.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-22928\" src=\"https:\/\/highplainsblogger.com\/wp-content\/uploads\/2017\/07\/perry-300x169.png\" alt=\"\" width=\"300\" height=\"169\" srcset=\"https:\/\/highplainsblogger.com\/wp-content\/uploads\/2017\/07\/perry-300x169.png 300w, https:\/\/highplainsblogger.com\/wp-content\/uploads\/2017\/07\/perry.png 728w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Energy Secretary Rick Perry is supposed to know about these things.<\/p>\n<p>He was governor of Texas for a zillion years. Before that he was lieutenant governor. Before <em>that<\/em> he was the state&#8217;s agriculture commissioner.<\/p>\n<p>He&#8217;s supposed to know some basic economics, or one should think. Yes? OK. He went to West Virginia today and spoke at a coal-fired power plant. Then the secretary said this:\u00a0&#8220;Here&#8217;s a little economics lesson: supply and demand,&#8221; Perry said, according to reports. &#8220;You put the supply out there, and the demand will follow.&#8221;<\/p>\n<p>To borrow a word that Perry himself made famous during the 2012 Republican presidential primary campaign: <em>Oops!<\/em><\/p>\n<p>I believe the secretary had it exactly backward. My understanding of economics suggests this: Demand drives supply, not the other way around.<\/p>\n<p>Or, as The Hill reported: &#8220;Twitter users were quick to find fault with Perry&#8217;s use\u00a0of the term, which is defined in the dictionary as the law that &#8216;an increase in supply will lower prices if not accompanied by increased demand, and an increase in demand will raise prices unless accompanied by increased supply.'&#8221;<\/p>\n<p><a href=\"http:\/\/www.msn.com\/en-us\/news\/politics\/perry-mocked-for-incorrect-use-of-supply-and-demand\/ar-BBDV2GF?li=BBmkt5R&amp;ocid=spartandhp\">Check out some of those tweets.<\/a><\/p>\n<p>This won&#8217;t signal the end of the world or anything like that. I just recall how candidate Donald Trump ridiculed his 2016 GOP opponent for donning eyewear to &#8220;make himself look smart.&#8221; That was a cruel cut, to be sure.<\/p>\n<p>However, if the president is going to surround himself with &#8220;the best people,&#8221; as he promised, then he needs them to articulate a basic economic tenet about supply and demand.<\/p>\n\n<div class=\"twitter-share\"><a href=\"https:\/\/twitter.com\/intent\/tweet?via=jkanelis\" class=\"twitter-share-button\">Tweet<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Energy Secretary Rick Perry is supposed to know about these things. He was governor of Texas for a zillion years. Before that he was lieutenant governor. Before that he was the state&#8217;s agriculture commissioner. He&#8217;s supposed to know some basic economics, or one should think. Yes? OK. He went to West Virginia today and spoke &hellip; <a href=\"https:\/\/highplainsblogger.com\/?p=22927\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Supply and demand and supply &#8230;<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[6746,1424,3951,4762],"class_list":["post-22927","post","type-post","status-publish","format-standard","hentry","category-national-news","tag-doe","tag-donald-trump","tag-rick-perry","tag-the-hill"],"_links":{"self":[{"href":"https:\/\/highplainsblogger.com\/index.php?rest_route=\/wp\/v2\/posts\/22927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/highplainsblogger.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/highplainsblogger.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/highplainsblogger.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/highplainsblogger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22927"}],"version-history":[{"count":1,"href":"https:\/\/highplainsblogger.com\/index.php?rest_route=\/wp\/v2\/posts\/22927\/revisions"}],"predecessor-version":[{"id":22929,"href":"https:\/\/highplainsblogger.com\/index.php?rest_route=\/wp\/v2\/posts\/22927\/revisions\/22929"}],"wp:attachment":[{"href":"https:\/\/highplainsblogger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/highplainsblogger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/highplainsblogger.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}