What do the words really mean, if they mean anything? For “demand” read “purchasing power”; “the law of supply and purchasing power.” What does “supply” mean? It means the product of human industry. The product of human industry is equal to the purchasing power. This does not sound so smooth, but is more accurate. And what does it mean now? That those who have purchasing power can get what they want. Can they—always? Why, yes—_if there is any_. But if all the purchasing power in the world should happen to demand a few more of the works of Phidias—they would not be forthcoming. There is frequent complaint even among the very rich of their inability to get some things they want; such as ideal servants. This is a very common demand, and the air is filled with protest because, at any price, the supply does _not_ equal the demand. This law is a common vagrant—“having no visible means of support.” All it amounts to is that if you demand a thing—and can pay for it—and there is any such thing—the previous owner will sell it to you—if he wants to. On the other hand, nothing is more frequent than our upsetting this supposed equilibrium by what we call “overproduction.” If the supply were equal to the demand the demand is certainly not alleged to be equal to the supply. “It’s a poor rule that doesn’t work both ways.” What does govern the supply, if demand does not? “Supply” is human production—the output of our social energies. If it can be called “equal” to anything, it is equal to the combined action of heredity and environment, modified by our volition. The product of a race depends on its stock, its inherited characteristics; on its education, physical and mental, on its nutrition and stimulus, on its governing concepts. To make such and such a product forthcoming you must have such and such a producer; he must have the capacity and the wish to produce such a “supply.” If he has not the capacity, no power on earth—be it a reward of the princess and half the kingdom, or a penalty of thumbscrews and boiling oil—can get it out of him. Turn your “supply” round and apply it to the producer. Supply him with all the necessary conditions for rich production. Then we might say in a general way “the supply is equal to the supply.” But “demand” is not a producing agent. It does not make people create, invent, or discover. It does not make them sell unless they want to—see Ahab demanding Naboth’s vineyard—or Frederic and his Miller of Sans Souci. It does not make them work even, unless they are able and willing. Demand what you please of the tramp and pauper—he cannot produce it.