Adaptive-demand price models cannot self-limit production

In an emergent economy sim, wiring an agent's build/investment valuation to the live market price does NOT make expansion self-throttle if price = base * demand_ref/(supply+1) with demand_ref an EMA that chases supply. That EMA normalizes any sustained supply level back toward base_value within a few ticks, so it expresses arbitrage CONVERGENCE, not a downward-sloping demand curve; a steady producer's glut is erased and ON==OFF builds. A real self-limit needs a fixed/level-anchored demand depth (a finite consumption sink) against which price falls with the supply LEVEL and persists.