Say's law - Wikipedia, the free encyclopedia
Say's law , or the law of markets , is an economic proposition attributed to French businessman and economist Jean-Baptiste Say (1767–1832), which states that in a free market economy goods and ser...
en.wikipedia.org/wiki/Say's_law
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My task here is to explore one of them: the way in which Say’s Law of Markets (named for the great Classical economist Jean-Baptiste Say) has been fundamentally misunderstood by economic theorists and laypersons alike, and to explore some of the consequences of this misunderstanding.
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www.thefreemanonline.org/featured/understanding-says-la...
www.thefreemanonline.org/featured/understanding-says-law-of-markets/
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Say never did write the phrase “supply creates its own demand.” That phrase can be attributed to John Maynard Keynes who misunderstood and misinterpreted Say’s Law of Markets. Keynes thought that Say meant that the supply of a particular good is the demand for that good.
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www.solopassion.com/node/339
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Why Say's Law is correct is evident from one simple consideration: if inventory doesn't sell, then prices will be cut until it does. Or, if a manufacturer wants to sell to a mass market, he knows that he can't wait until everyone can afford something expensive;
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www.friesian.com/sayslaw.htm
www.friesian.com/sayslaw.htm
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Say's Law of Markets came to divide economists in the General Glut Controversy around this time. Say joined in the fray, attacking the underconsumption thesis in his letters to Malthus (1820) and in his 1824 exchange with rival countryman Simonde de Sismondi in the Revue Encyclop dique.
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cepa.newschool.edu/het/profiles/say.htm
cepa.newschool.edu/het/profiles/say.htm
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Situations (2) and (3) are situations when markets have not made precise the allocations. However, the essence of Say's Law is that there can never be too much of both shoes and hats. A shoemaker would not make more shoes if he did not desire more hats.
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cepa.newschool.edu/het/essays/classic/glut.htm
cepa.newschool.edu/het/essays/classic/glut.htm
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Say's Law of Markets, a key component of the classical school of economics, describes the process through which supplies in general are translated into demands in general. For Say, the balance between aggregate supply and aggregate demand is an ex ante identity.
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www.quebecoislibre.org/06/060212-4.htm
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When the Classical economists asserted the "impossibility of general overproduction," or what we now call Say's Law of Markets, they had in mind not periodic crises or business cycles but secular stagnation.
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ideas.repec.org/a/eej/eeconj/v23y1997i2p231-235.html
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Author info | Abstract | Publisher info | Download info | Related research | Statistics ... No abstract is available for this item. ... If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of...
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ideas.repec.org/a/ucp/jpolec/v53y1945p193.html
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