Dr. Williams (DRC, March 1) states that there is a “fundamental law of demand,” and “there are no known exceptions to the law of demand.” I believe he is guilty of misrepresenting facts in support of an ideology. He would likely give an emphatic “F” to any beginning economics student who made that statement on an exam.
In the late ’60s and early ’70s, I took two semesters of elementary economics at West Texas State University (now West Texas A&M). I earned “A” grades in both semesters. While WT, as we called it, is no University of Chicago or MIT, I did manage to get a basic understanding of the principles of economics.
I realize that in an editorial page opinion, there is insufficient room to teach economics, but to make such an outrageous statement to support an ideology is intellectually dishonest.
I am sure the distinguished author has heard and even taught about elasticity and marginal utility.
While I will not take the time to elaborate on these concepts, I will just say that one may not say unequivocally that an increase or decrease in the price of a commodity will bring a direct inevitable decrease or increase, respectively, in the demand for the commodity.
Now, I would speculate that if you could prove a direct immutable causal relationship, you would be a more likely candidate for the Nobel.
Franklin “Mac” Poe,
Is it too much to ask?
For those of us who drive down Hickory Creek Road from FM2181, and go through to Country Club Road, is it too much to ask for the city to post a “Road Under Construction” sign at the corner of Hickory Creek, so that we know ahead of time?
It is very frustrating and time consuming to drive down the road past the neighborhoods and then find that it is closed. There is a sign to those entering from Country Club Road; I would like to see the same favor from FM2181.