chapter  5
Is there a classical theory of supply and demand?
Pages 16

Introductory perspectives Perhaps the most deeply rooted ideological device in all of economics is the sense that all economic phenomena are composed of, and reducible to, the simple binary of “supply” and “demand” – akin to the almost religious significance attributed by the Italian mathematician Giuseppe Peano to the binary number system, in which everything that exists in the universe can be built up out of 0s and 1s. It is a long way from the world of classical political economy, in which supply and demand were market forces that reflected the deeper anatomies of social class, the property system, law, technology, and psychology, to the voracious abstractions that these concepts became later.