Secretary of Energy Rick Perry, who famously received a D in Economics at Texas A&M, was widely mocked on Twitter on Thursday for his incorrect definition of supply-and-demand economics, which he gave during a visit to a coal-fired power plant in Morgantown, W.Va.
“Here’s a little economics lesson: supply and demand,” Perry said. “You put the supply out there, and the demand will follow.”
DOE Rick Perry at coal plant:"Here’s a little economics lesson: supply and demand. You put the supply out there and the demand will follow."
— Taylor Kuykendall (@taykuy) July 6, 2017
The dictionary defines supply and demand as the law that “an increase in supply will lower prices if not accompanied by increased demand, and an increase in demand will raise prices unless accompanied by increased supply.”
Twitter users were quick to respond:
I think he means the much-controverted "Say’s Law.”https://t.co/VkYGmf3U37
(Tell it to farmers in the 1930s, etc) https://t.co/6S0J2BF9m2
— James Fallows (@JamesFallows) July 6, 2017
The worst part of this — besides its 100% wrongness — is the condescending "Here's a little economics lesson…" Like he's schooling us. https://t.co/kgCmllZWHi
— Ken Tremendous (@KenTremendous) July 6, 2017
Rick Perry got a D in Econ at Texas A&M. https://t.co/k4mCLCTFMh
— Wescott Eberts (@SBN_Wescott) July 6, 2017
Rick Perry appears to have obtained his economics knowledge from Field of Dreams https://t.co/hYIfWh4O2V
— Daniel Dale (@ddale8) July 6, 2017