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UNDERSTANDING SAY'S LAW OF MARKETS

STEVEN HOROWITZ

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Published by the Foundation for Economic Education, January 1, 1997.

 
 

Reviewer Comment:
J. B. Say was a French economists contemporary with Adam Smith and David Ricardo. He developed and advanced the 'classical school' of economists with his work on business cycles. He opposed Malthus. He wrote many ideas about economics and markets but his most well known theory was expressed with the phrase that supply will always find demand. There could be no general national excess of supply of goods because people's demand was infinite. This was opposed and then ignored by Lord Keynes and his Keynesian economics followers.

 
 

Dr. Horwitz notes the common misunderstanding of later (recent also) commentators about what the earlier authors actually meant. This, he writes, is what happened when Keynes and others claimed to disagree with and then ignore J. B. Say's collection of writings that together have been combined as 'Say's Law of Markets."

 

 
 

 
 

 
 

 
 

 
 

 
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