Haiku: The Laws of Supply and Demand Facebook Twitter Email 106,732 Speakers Art Carden Release Date April 1, 2011 Topic Uncategorized Have you ever stated economic principles as haiku? Have you tried? Economics professor Art Carden takes the challenge in this short video on the laws of supply & demand. Transcript Haiku: The Laws of Supply and Demand Two of the most important ideas in economics are the law of supply and the law of demand. We can state each of these as haiku. When the price rises, quantity supplied goes down. The law . . . That’s totally wrong. Totally wrong. When the price rises, quantity supplied goes up. The law of supply. Actually, you know, I could probably work ceteris paribus into this. All other things . . . When all else is . . . When all else is . . . All else held constant—yes! Thank you. The law of supply: All else held constant, quantity supplied goes up, when the price rises. The law of demand: All else held constant, quantity demanded falls, when the price rises. 3 Comments Brian Phillips February 19, 2014 at 7:20 pm Great, simple explanation. [email protected] April 27, 2014 at 6:01 pm And quality drops. EthanHines March 29, 2015 at 7:30 pm This makes it easy to remember. Leave a Reply Cancel replyYou must be logged in to post a comment.