More on Repealing the Laws of Economics

This is the memo by Howard Marks. More on repealing the laws of economics. Last September, I wrote a memo titled, shall we repeal the laws of economics, in which I described economies as organic entities that operate on their own pursuant to some underlying laws. The best known is the law of supply and demand. In general, people will buy more of something as the price goes down and produce more of it as the price goes up. Another has to do with incentives. In general, people will allocate resources, such as their labor, to the activities for which they will be best rewarded. These and the rest