I've been reading on the philosophy of science for a while. According to Karl Popper, what distinguishes science from pseudo-science such as Astrology is that the former is able to produce falsifiable theories. Is economy science or pseudo-science? If it is, then its theories needs to be falsifiable.
But apparently you can't falsify the Law of Supply and Demand (LSD). When the world again and again doesn't work in accordance with what the LSD predicts, its adherents always comes with excuses as to why it didn't work in this particular case. But there are huge labor shortages across the whole US, but wages still doesn't increase! So you throw the theory into the garbage bin.
> But apparently you can't falsify the Law of Supply and Demand (LSD). When the world again and again doesn't work in accordance with what the LSD predicts, its adherents always comes with excuses as to why it didn't work in this particular case
It's weird that you dismiss "more advanced models that explain the behavior we observe and provide better predictions" as "excuses".
Yes, it's more convenient to argue against a straw man (the most basic formulation of "supply and demand" that doesn't even cover what's taught in introductory economics classes), but it doesn't mean you'll produce valid criticism from it.
But apparently you can't falsify the Law of Supply and Demand (LSD). When the world again and again doesn't work in accordance with what the LSD predicts, its adherents always comes with excuses as to why it didn't work in this particular case. But there are huge labor shortages across the whole US, but wages still doesn't increase! So you throw the theory into the garbage bin.