[Marxism] Supply and demand?
sartesian at earthlink.net
Wed Jul 9 16:41:23 MDT 2008
We need to distinguish between supply and current production. Consumption
can indeed outrun current production, requiring draw downs in stocks.
Happens all the time. But is that why the price of oil doubled in 6 months?
Supply and demand encompass everything and explain nothing. They are the
perfect pillars of bourgeois political economy, assuming what needs to be
explained-- how is supply achieved? how is demand identified, quantified,
determined, changed? what do exchanges in the market actually accomplish?
Arguing that price increases and market volatility indicate unsatisfied
demand really gets us nowhere but back to the the same point on a circle
where every point looks the same from any other point.
It's profitability that drives the market turmoil not some external quantity
of demand that is not being satisfied.
Actually a follower of Hubbert said it best at a lecture he gave at the
Colorado School of Mines: "The oil corporations have no interest in
producing oil. They're in business to make money." (Not verbatim. He gave
the lecture in 2000).
----- Original Message -----
From: "Steve Palmer" <spalmer999 at yahoo.com>
To: <sartesian at earthlink.net>
Sent: Wednesday, July 09, 2008 6:13 PM
Subject: Re: [Marxism] Supply and demand?
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