Short answer, yes. This is a lovely paper by Dr Sitabhra Sinha describing physical analogies to the current crisis, and showing how persistent changes (he calls them oscillations) in the output of the economic system can come about just because of delays in market response due to information or market imperfections, as we see from the diagram below from Sinha's paper. The price, even in the standard diagram, lags the available supply at any moment, creating surpluses and shortages. This is not a devastating critique of the supply and demand model, but it does provide food for thought, and another way of looking at a familiar picture.
It's not that technical, economics for business students should definitely have a read of his work.