Originally Posted by
Maelochs
Also saying, the "appeal to authority" argument ... yeah, it was a scientist who "invented" the idea of human races which has since been rejected by the scientific community .... Kepler vs Copernicus? A lot of scientists have been entirely wrong, or simply mistaken.
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That’s probably directed at me, and I agree with you. I hate doing that. But explaining all the ways in which
AcesHigh007 is wrong about price elasticity would take quite some time… It’s a full 50 minute lecture in my introductory microeconomics course. So I did play the “appeal to authority“ card. But I encourage him, and anyone else who is interested, to go read up on the topic - like I wrote, any introductory Econ text will have a full explanation. It’s generally a whole chapter. Hell, there’s probably even a Wikipedia page, but god only knows if it would be accurate. If you think I’m wrong, come back and tell me so – but I doubt that, after 35 years of teaching the stuff.
For now, suffice it to say that he has everything ass backwards: the demand for toilet paper is highly
inelastic, the demand for expensive luxury goods like high-end bikes is generally
elastic.
Then his following paragraph contains a whole bunch of additional wrongness.
If
AcesHigh007 is going to use a bunch of fancy disciplinary concepts to talk down to people, he should probably get it right.