A trend is a trend is a trend. But the question is, will it bend? Will it alter its course through some unforeseen force and come to a premature end?
Sir Alec Cairncross
READ THIS CHAPTER IF YOU ARE CURIOUS ABOUT:
The economic words for buyer and seller are, as you know, "demander" and "supplier." The two flow together in markets. To understand markets you need to understand each of these-supply and demand-more deeply.
Begin with demand. Why do people buy the amounts they do? In particular, why are they willing to pay only a little for an essential item like water and so very much for an unnecessary item like diamonds? One answer comes from the economist's "Rule of Rational Life."