Itâ(TM)s just not worth discussing economics with clueless people. Thereâ(TM)s just so much shenanigans going on and robber barons manipulating the media and wage theft and everyone is taught microeconomics wrong.
The largest part of the economy is the tech sector. And a large chunk of that is services, software and IP. So all of that doesnâ(TM)t scale like a factory.
The next large chunk is luxury items. Where supply and demand is perception.
Then youâ(TM)ve got financial services. Because there is too much hoarded wealth for the rich to spend and money makes money through artificial scarcity.
On top of that, weâ(TM)ve got interlocking ownership where who knows who owns what buy you do a deep dive and learn that there are cartels and not real competition.
Then weâ(TM)ve got energy, and sometimes friends of Putin and the Saudis make agreements to keep prices high. Followed by gasoline production which is not a free market and designed for profits.
And then youâ(TM)ve got every other robber baron seeing how rich they can get. Your produce, your funeral plot, your mobile home â" artificially more costly in the USA because only a few major players in each category.
So when you get to the part of the economy that isnâ(TM)t rigged and follows supply and demand curves, well then youâ(TM)ve got hedge fund managers and futures options.
Suffice to say, if you didnâ(TM)t know it was mostly rigged and itâ(TM)s dogs fighting over a bone, thereâ(TM)s no point in a conversation.