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March 13, 2005

The Observer and Economics.

The Observer often seems to have only a passing relationship with the basics of economics, as evidenced by this sub-editor’s header to an article:

Runaway demand around the globe puts more money into the hands of traffickers despite action to curb supply

Err, demand rising, supply being curbed....that should read because of, not despite.

March 13, 2005 in Drugs | Permalink


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Surely that depends on the associated elasticities? Rising demand and reduced supply *can* mean higher total revenues, but can also mean lower total revenues despite higher prices.

Posted by: john b | Mar 14, 2005 11:28:12 AM