All it says is that equilibrium is at the point where the
supply and demand functions *intersect.* It says nothing
about actual price at any actual point in time.
From that the proper price is given as the equilibrium price, with deviation
from such resulting in shortages and surpluses. Now
Bill, it seems to me that you are using your critical powers to dispute
my claims while exempting Douglas from the same kind of criticism. My
assessment is that Douglas tried to use the same method I used to
comprehend the phenomena of the occasional boom-bust cycle. However, he
chose a
