Good to see the law of demand still holds.
Much of (micro)economic theory is based on the following ideas. People make conscious choices. These choices depend on what these people want. People typically want, keeping all else the same, more money. To quote (in a rough translation) a popular Austrian comedian, Alf Poier, on this matter: “I quickly realized that money is quite valuable and doesn’t take up much room.” This also means that in order to get more money, people would be willing to give up other things that they want.
And we just saw an incredible demonstration of that with the UK-wide introduction of a 5p charge for every plastic bag in essentially all supermarkets from the beginning of 2016. The effects of this policy have started to become evident. It seems that the introduction of the 5p charge for every plastic bag has reduced plastic bag consumption in supermarkets by roughly 80%.
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