If you think shortages—in goods like toilet paper, meat, and masks—came in with the pandemic, think again. Shortages are periods during which demand exceeds supply, and they’re an inescapable feature of all markets, all the time. When an investor bids up the price of Apple stock because none is available at current prices, that’s a…

The price of food increased 2.6% in April, the largest single-month increase since 1974, but food industry executives are insisting that the country has enough food. So why are prices going up? The explanation provided by the industry is that consumers are buying more than they need, creating shortages. But a shortage is not a…