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Microeconomic theory defines a relationship between supply and demand in a free market economy.
This assumes that everything else in the environment remains unchanged. There are few occasions outside an economic textbook when conditions in a given environment are completely stable and altogether unchanging. Nevertheless, the laws of supply and demand do have an impact on the value that society places on different types of work. The American Medical Association has known for a long time that one way to ensure a relatively high income for doctors is to limit the output of medical schools. Schools of library education, like libraries themselves, are in the midst of profound and far reaching changes.