Haiku: The Laws of Supply and Demand

Release Date
April 1, 2011

Topic

Basic Economics
Description

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.

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.