While an elegant theory, that approach to economics is about as realistic and practical as spherical cows in a vacuum[0] are to biology. In real life markets are a lot more complicated and irrational (because they involve humans).
That Jevon's Paradox wikipedia article I linked to in the first comment is one example of such a complication.
That Jevon's Paradox wikipedia article I linked to in the first comment is one example of such a complication.
[0] https://en.wikipedia.org/wiki/Spherical_cow