Say's law - Knowledge

687:(as has been alleged by those who wish to disagree with it), because the key proposition of the law is that no matter how much people save, production is still a possibility, as it is the prerequisite for the attainment of any additional consumption goods. Say's law states that in a market economy, goods and services are produced for exchange with other goods and services—"employment multipliers" therefore arise from production and not exchange alone—and that in the process a sufficient level of real income is created to purchase the economy's entire output, due to the truism that the means of consumption are limited 1034:) by showing that supply and investment were not independent of one another and thus could not be related uniquely in terms of the balancing of disutility and utility. Second, after Say's law was dealt with and shown to be theoretically inconsistent, there was a gap to be filled. If Say's law was the logic by which we thought financial markets came to a unique position in the long run, and if Say's law were to be discarded, what were the real "rules of the game" of the financial markets? How did they function and remain stable? 135: 1061:. Capitalism, which is interested in value (money as wealth), must create use value. The capitalist has no control over whether or not the value contained in the product is realized through the market mechanism. This gap between production and realization creates the possibility for capitalist crisis, but only if the value of any item is realised through the difference between its cost and final price. As the realization of capital is only possible through a market, Marx criticized other economists, such as 1020:, take the fact that a commodity–commodity economy is substantially altered once it becomes a commodity–money–commodity economy, or once money becomes not only a facilitator of exchange (its only function in marginalist theory) but also a store of value and a means of payment. What this means is that money can be (and must be) hoarded: it may not re-enter the circulatory process for some time, and thus a general glut is not only possible but, to the extent that money is not rapidly turned over, probable. 459:

changing economic circumstances, households and businesses in aggregate seek to increase net savings and thus decrease net debt. To increase net savings requires earning more than is spent—contrary to Say's law, which postulates that supply (sales, earning income) equals demand (purchases, requiring spending). Keynesian economists argue that the failure of Say's law, through an increased demand for monetary holdings, can result in a general glut due to falling demand for goods and services.

1317:, where interest rates approach zero and cannot fall further). To Keynes, in the short run, interest rates are determined more by the supply and demand for money than by saving and investment. Before interest rates can adjust sufficiently, excessive hoarding causes the vicious circle of falling aggregate production (recession). The recession itself lowers incomes so that hoarding (and saving) and dis-hoarding (and real investment) can reach a state of balance below full employment. 1038:

others' behavior, and so on. Without Say's law keeping them in balance, financial markets are thus inherently unstable. Through this identification, Keynes deduced the consequences for the macroeconomy of long-run equilibrium being attained not at only one unique position that represented a "Pareto Optima" (a special case), but through a possible range of many equilibria that could significantly under-employ human and natural resources (the general case).

1093: 898: 624: 511: 1159: 956: 36: 1306:(the purchase of capital goods). However, Keynes and others argued that hoarding decisions are made by different people and for different reasons than are decisions to dis-hoard, so that hoarding and dis-hoarding are unlikely to be equal at all times, as indeed they are not. Decreasing demand (consumption) does not necessarily stimulate capital spending (investment). 77: 1313:, could adjust to keep hoarding and dis-hoarding equal, so that Say's law could be maintained, or that prices could simply fall, to prevent a decrease in production. But Keynes argued that to play this role, interest rates would have to fall rapidly, and that there are limits on how quickly and how low they can fall (as in the 236:, there must be unmet demand for another: "If certain goods remain unsold, it is because other goods are not produced." However, according to Petur Jonsson, Say does not claim a general glut cannot occur and in fact acknowledges that they can occur. Say's law has been one of the principal doctrines used to support the 368:

any other commodity. Money, consequently, was in request, and all other commodities were in comparative disrepute... As there may be a temporary excess of any one article considered separately, so may there of commodities generally, not in consequence of over-production, but of a want of commercial confidence.

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his hands. Nor is he less anxious to dispose of the money he may get for it; for the value of money is also perishable. But the only way of getting rid of money is in the purchase of some product or other. Thus the mere circumstance of creation of one product immediately opens a vent for other products.

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tenacious fallacy, consequent on the inveterate evasion of the plain fact that men want for their goods, not merely some other goods to consume, but further, some credit or abstract claim to future wealth, goods, or services. This all want as a surplus or bonus, and this surplus cannot be represented

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John Maynard Keynes argued in 1936 that Say's law is simply not true, and that demand, rather than supply, is the key variable that determines the overall level of economic activity. According to Keynes, demand depends on the propensity of individuals to consume and on the propensity of businesses to

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When there is a general anxiety to sell, and a general disinclination to buy, commodities of all kinds remain for a long time unsold, and those which find an immediate market, do so at a very low price... At periods such as we have described... persons in general... liked better to possess money than

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It is worthwhile to remark that a product is no sooner created than it, from that instant, affords a market for other products to the full extent of its own value. When the producer has put the finishing hand to his product, he is most anxious to sell it immediately, lest its value should diminish in

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Olivier Blanchard and Larry Summers, observing persistently high and increasing unemployment rates in Europe in the 1970s and 1980s, argued that adverse demand shocks can lead to persistently high unemployment, therefore persistently reducing the supply of goods and services. Antonio Fatás and Larry

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Before the Keynesian Revolution, denial of the validity of Say's Law placed an economist amongst the crackpots, people with no idea whatsoever about how an economy works. That the vast majority of the economics profession today would have been classified as crackpots in the 1930s and before is just

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Keynes treats a fall in marginal efficiency of capital and an increase in the degree of liquidity preference (demand for money) as sparks leading to an insufficiency of effective demand. A decrease in MEC causes a reduction in investment, which reduces aggregate expenditure and income. A decline in

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We hear of glutted markets, falling prices, and cotton goods selling at Kamschatka lower than the costs of production. It may be said, perhaps, that the cotton trade happens to be glutted; and it is a tenet of the new doctrine on profits and demand, that if one trade be overstocked with capital, it

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The whole of neoclassical equilibrium analysis implies that Say's law in the first place functioned to bring a market into this state: that is, Say's law is the mechanism through which markets equilibrate uniquely. Equilibrium analysis and its derivatives of optimization and efficiency in exchange

832:, because people are hoarding it? This creates an excess supply for all products, a general glut. Say's answer is simple: there is no reason to engage in hoarding money. According to Say, the only reason to have money is to buy products. It would not be a mistake, in his view, to treat the economy 589:

When more goods are produced by firms than are demanded in certain sectors, the suppliers in those sectors lose revenue as result. This loss of revenue, which would in turn have been used to purchase other goods from other firms, lowers demand for the products of firms in other sectors, causing an

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allows prices, wages, and interest rates to adjust so as to abolish all excess supplies and demands; however, since all economies are a mixture of regulation and free-market elements, laissez-faire principles (which require a free market environment) cannot adjust effectively to excess supply and

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While economists have abandoned Say's law as a true law that must always hold, most still consider Say's Law to be a useful rule of thumb which the economy will tend towards in the long run, so long as it is allowed to adjust to shocks such as financial crises without being exposed to any further

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in negating Say's law: Money that is hoarded (held as cash or analogous financial instruments) is not spent on products. To increase monetary holdings, someone may sell products or labor without immediately spending the proceeds. This can be a general phenomenon: from time to time, in response to

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Say further argued that because production necessarily creates demand, a "general glut" of unsold goods of all kinds is impossible. If there is an excess supply of one good, there must be a shortage of another: "The superabundance of goods of one description arises from the deficiency of goods of

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Say argued that economic agents offer goods and services for sale so that they can spend the money they expect to obtain. Therefore, the fact that a quantity of goods and services is offered for sale is evidence of an equal quantity of demand. Essentially Say's argument was that money is just a

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To this Keynes responded with his famous notion of "animal spirits": markets are ruled by speculative behavior, influenced not only by one's own personal equation but also by one's perceptions of the speculative behavior of others. In turn, others' behavior is motivated by their perceptions of

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Under these assumptions, Say's law implies that there cannot be a general glut, so that a persistent state cannot exist in which demand is generally less than productive capacity and high unemployment results. Keynesians therefore argued that the Great Depression demonstrated that Say's law is

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wrote: "A product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value." And also, "As each of us can only purchase the productions of others with his/her own productions – as the value we can buy is equal to the value we can

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believes that Mill's argument refutes the assertions that a general glut cannot occur, and that a market economy naturally tends towards an equilibrium in which general gluts do not occur. What remains of Say's law, after Mill's modification, are a few less controversial assertions:

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Not only doesn't supply create its own demand; experience since 2008 suggests, if anything, that the reverse is largely true -- specifically, that inadequate demand destroys supply. Economies with persistently weak demand seem to suffer large declines in potential as well as actual

1223:), but this is balanced by an excess demand for produced goods. Modern advocates of Say's law see market forces as working quickly, via price adjustments, to abolish both gluts and shortages. The exception is when governments or other non-market forces prevent price adjustments. 574:

James Mill used Say's law against those who sought to give the economy a boost via unproductive consumption. In his view, consumption destroys wealth, in contrast to production, which is the source of economic growth. The demand for a product determines the price of the product.

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A minority of economists still support Say's Law. Some proponents of real business cycle theory maintain that high unemployment is due to a reduced labor supply rather than reduced demand. In other words, people choose to work less when economic conditions are poor, so that

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In order to render the argument for the impossibility of an excess of all commodities applicable... money must itself be considered as a commodity. It must, undoubtedly, be admitted that there cannot be an excess of all other commodities, and an excess of money at the same

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A number of laissez-faire consequences have been drawn from interpretations of Say's law. However, Say himself advocated public works to remedy unemployment and criticized Ricardo for neglecting the possibility of hoarding if there was a lack of investment opportunities.

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Summers argued that shortfalls in demand, resulting both from the global economic downturn of 2008 and 2009 and from subsequent attempts by governments to reduce government spending, have had large negative effects on both actual and potential world economic output.

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live or die with Say's law. This is one of the major, fundamental points of contention between the neoclassical tradition, Keynes, and Marxians. Ultimately, from Say's law they deduced vastly different conclusions regarding the functioning of capitalist production.

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by the level of production. That is, with regard to the exchange of products within a division of labour, the total supply of goods and services in a market economy will equal the total demand derived from consumption during any given time period. In modern terms,

586:(caused by inadequate demand) cannot occur. Classical economists in the context of Say's law explain unemployment as arising from insufficient demand for specialized labour—that is, the supply of viable labour exceeds demand in some segments of the economy. 350:

James Mill and David Ricardo restated and developed Say's law. Mill wrote, "The production of commodities creates, and is the one and universal cause which creates, a market for the commodities produced." Ricardo wrote, "Demand depends only on supply."

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The theory that hoarding is a cause of unemployment has been the subject of discussion. Some classical economists suggested that hoarding (increases in money-equivalent holdings) would always be balanced by dis-hoarding. This requires equality of

1219:. Instead of there being an excess supply (glut or surplus) of goods in general, there may be an excess supply of one or more goods, but only when balanced by an excess demand (shortage) of yet other goods. Thus, there may be a glut of labor ( 428:

The Great Depression posed a challenge to Say's law. In the United States, unemployment rose to 25%. The quarter of the labor force that was unemployed constituted a supply of labor for which the demand predicted by Say's law did not exist.

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Although hoarding of money was not a direct cause of unemployment in Keynes's theory, his concept of saving was unclear and some readers have filled the gap by assigning to hoarding the role Keynes gave to saving. An early example was

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is a certain sign that some other trade is understocked. But where, I would ask, is there any considerable trade that is confessedly under-stocked, and where high profits have been long pleading in vain for additional capital?

212:, is the claim that the production of a product creates demand for another product by providing something of value which can be exchanged for that other product. So, production is the source of demand. In his principal work, 772:

It is not easy to say what exactly Say's law says about the role of money apart from the claim that recession is not caused by lack of money. The phrase "products are paid for with products" is taken to mean that Say has a

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To further clarify, he wrote: "Sales cannot be said to be dull because money is scarce, but because other products are so. ... To use a more hackneyed phrase, people have bought less, because they have made less profit."

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Given these concepts and their implications, Say's law does not hold in the Marxian framework. Moreover, the theoretical core of the Marxian framework contrasts with that of the neoclassical and Austrian traditions.

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himself, as an intrinsic property of the capitalist system. The division of labor leads to a situation where one always has to anticipate what others will be willing to buy, and this leads to miscalculations.

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policies aimed at stimulating the economy. Increased government purchases of goods (or lowered taxes) merely "crowd out" the production and purchase of goods by the private sector. Contradicting this view,

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Some classical economists did see that a loss of confidence in business or a collapse of credit will increase the demand for money, which will decrease the demand for goods. This view was expressed both by

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Here Robertson identifies his critique as based on Say's theory of money: people wish to accumulate a "claim to future wealth", not simply present goods, and thus the hoarding of wealth may be rational.

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Keynes' innovation in this regard was twofold: First, he was to turn the mechanism that regulates savings and investment, the rate of interest, into a shell of its former self (relegating it to the

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Say himself never used many of the later, short definitions of Say's law, and thus the law actually developed through the work of many of his contemporaries and successors. The work of James Mill,

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For Say, as for other classical economists, it is possible for there to be a glut (excess supply, market surplus) for one product alongside a shortage (excess demand) of others. But there is no "

1262:, a self-proclaimed follower of Say's law, wrote a letter in 1932 signed by five other economists (among them Keynes) calling for more public spending to alleviate high levels of unemployment. 1057:

in production and the realization of that surplus value via a sale. To realize a sale, a commodity must have a use value for someone, so that they purchase the commodity and complete the cycle

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Say's law should therefore be formulated as: Supply of X creates demand for Y, subject to people being interested in buying X. The producer of X is able to buy Y, if his products are demanded.

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Money performs but a momentary function in this double exchange; and when the transaction is finally closed, it will always be found, that one kind of commodity has been exchanged for another.

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In a monetary economy, a general glut occurs not because sellers produce more commodities of every kind than buyers wish to purchase, but because buyers increase their desire to hold money.

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Say rejected the possibility that money obtained from the sale of goods could remain unspent, thereby reducing demand below supply. He viewed money only as a temporary medium of exchange.

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and John Stuart Mill. This would lead demand and supply to move out of phase and lead to an economic downturn in the same way that miscalculation in productions would, as described by

680:". Nor was it based on the idea that everything that is saved will be exchanged. Rather, Say sought to refute the idea that production and employment were limited by low consumption. 1274:", or the assumption "that the whole of the costs of production must necessarily be spent in the aggregate, directly or indirectly, on purchasing the product" (from chapter 2 of his 1053:—use value being the use somebody has for a commodity, and exchange value being what an item is traded for on a market. In Marx's theory, there is a gap between the creation of 363:

John Stuart Mill also recognized general gluts. He argued that during a general glut, there is insufficient demand for all non-monetary commodities and excess demand for money.

1678: 1279: 594:, the presumed mismatch between the overall demand for labour in jobs offered and the individual job skills and location of labour. This differs from the Keynesian concept of 571:

Say argued against claims that businesses suffer because people do not have enough money. He argued that the power to purchase can only be increased through more production.

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Conceptually, the distinction between Keynes and Marx is that for Keynes the theory is but a special case of his general theory, whereas for Marx it never existed at all.

792:, although he did not state this explicitly, and in fact did not concern himself with this subject. Say's central notion concerning money was that if one has money, it is 1294:

said of hoarding that Keynes' attaches great importance to it as a barrier to "full" employment' (p152) while denying (pp158f) that it was capable of having that effect.

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accept Say's law and seek to explain high unemployment in other ways, considering depressed demand for labour as a form of local dislocation. For example, advocates of

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Krugman dismisses Say's law as, "at best, a useless tautology when individuals have the option of accumulating money rather than purchasing real goods and services".

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Many economists today maintain that supply does not create its own demand, but instead, especially during recessions, demand creates its own supply. Krugman writes:

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Nevertheless, for some neoclassical economists, Say's law implies that economy is always at its full employment level. This is not necessarily what Say proposed.

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Laissez-faire economists argue that government intervention is the cause of economic crises, and that left to its devices, the market will adjust efficiently.

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economics—that is, that free markets can solve the economy's problems automatically. (These problems are recessions, stagnation, depression, and

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Nor is less anxious to dispose of the money he may get ... But the only way of getting rid of money is in the purchase of some product or other.

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invest, both of which vary throughout the business cycle. There is no reason to expect enough aggregate demand to produce full employment.

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overall general reduction in output and thus lowering the demand for labour. This results in what contemporary macroeconomics call

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Please help improve this article by looking for better, more reliable sources. Unreliable citations may be challenged and removed.

728:, one may reject one or more of the assumptions of Say's law, its reasoning, or its conclusions. Taking the assumptions in turn: 372:

Mill rescued the claim that there cannot be a simultaneous glut of all commodities by including money as one of the commodities.

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Economic agents may collectively choose to increase the amount of savings they hold, thereby reducing demand but not supply.

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belief that a capitalist economy will naturally tend toward full employment and prosperity without government intervention.

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cannot exist", although there may be local imbalances, with gluts in some markets balanced out by shortages in others.

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such shocks. The applicability of Say's law in theoretical long-run conditions is one motivation behind the study of

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Keynes argued that prices are not flexible; for example, workers may not take pay cuts if the result is starvation.

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argue that real shocks cause recessions and that the market responds efficiently to these real economic shocks.

2053:"Introduction by Paul Krugman to The General Theory of Employment, Interest, and Money, by John Maynard Keynes" 1184: 1103: 981: 521: 477: 143: 1491:

Thweatt, William O. (2000). "Early Formulators of Say's Law". In Wood, John Cunningham; Kates, Steven (eds.).

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medium, people pay for goods and services with other goods and services. This claim is often summarized as "

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Say's law was generally accepted throughout the 19th century, though modified to incorporate the idea of a "

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dispute the barter model of money, arguing that money is fundamentally different from commodities and that

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Scholars disagree on the question of whether it was Say who first stated the principle, but by convention,

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The Works and Correspondence of David Ricardo, Vol. II. Notes on Malthus's Principles of Political Economy

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Cowen, Tyler (2000). "Say's Law and Keynesian Economics". In Wood, John Cunningham; Kates, Steven (eds.).

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demand for money. Money is held for spending, and increases in money supplies lead to increased spending.

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Baumol, W. J. (1977). "Say's (at Least) Eight Laws, or What Say and James Mill May Really Have Meant".

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can and do cause depressions. Notably, the debt owed does not change because the economy has changed.

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In Keynesian terms, followers of Say's law would argue that on the aggregate level, there is only a

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Thus Say's law, in its original concept, was not intrinsically linked nor logically reliant on the

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that states a Knowledge editor's personal feelings or presents an original argument about a topic.

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The former, not to be confused with "new Keynesian" and the many offsprings and syntheses of the

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Some proponents of Say's law argue that such intervention is always counterproductive. Consider

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As for the implication that dislocations cannot cause persistent unemployment, some theories of

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Thomas Malthus, on the other hand, rejected Say's law because he saw evidence of general gluts.

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the interest rate would offset the decline in investment, and stimulate propensity to consume.

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Early writers on political economy held a variety of opinions on what we now call Say's law.

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https://austrianstudentconference.com/wp-content/uploads/2017/02/ASSC-2017-Colin-Combs.pdf

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Two Hundred Years of Say's Law: Essays on Economic Theory's Most Controversial Principle

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Jonsson, Petur O., "On the Economics of Say and Keynes's Interpretation of Say's Law."

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Principles of Political Economy Considered With a View to Their Practical Application

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A response to this in defense of Say's law (echoing the debates between Ricardo and

2036:"Keynes and Say's Law of Markets: Analysis and Implications for Austrian Economics" 1883: 1320:

Worse, a recession would hurt private real investment—by hurting profitability and

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in economics, which studies economies in the context where Say's law holds true.

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On Keynesian Economics & the Economics of Keynes: A Study in Monetary Theory

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flexible prices—that is, all prices can rapidly adjust upwards or downwards; and

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In the long run, the ability to produce does not outstrip the desire to consume.

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Some maintain that Say further argued that this law of markets implies that a

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Say's Law and the Keynesian revolution: how macroeconomic theory lost its way

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Say's Law and the Keynesian Revolution: How Macroeconomic Theory Lost Its Way

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Such economic losses and unemployment were seen by some economists, such as

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Lettres à M. Malthus sur l'économie politique et la stagnation du commerce

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http://www.marxists.org/archive/marx/works/1857/grundrisse/ch08.htm#p402

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General gluts do occur, particularly during recessions and depressions.

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Over the years, at least two objections to Say's law have been raised:

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The Wheels of Commerce: Civilisation and Capitalism 15th–18th Century

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In the Keynesian interpretation, the assumptions of Say's law are:

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A modern way of expressing Say's law is that there can never be a

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Say's law did not posit that (as per the Keynesian formulation) "

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produce, the more men can produce, the more they will purchase."

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a barter model of money ("products are paid for with products");

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Jean-Baptiste Say: Critical Assessments of Leading Economists

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Jean-Baptiste Say: Critical Assessments of Leading Economists

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According to Keynes, the implication of Say's law is that a

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The assumption that hoarding is irrational was attacked by

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personal reflection, personal essay, or argumentative essay

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Jacob Viner, "Mr. Keynes on the causes of unemployment",

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Steven Kates, although a proponent of Say's Law, writes:

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questioned the doctrine that general gluts cannot occur.

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Some have argued that financial markets, and especially

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has been another name for the law of markets ever since

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Essays on Some Unsettled Questions of Political Economy

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Greenlaw, Steven A.; Shapiro, David (12 January 2017).

1766:"The General Theory of Employment, Interest, and Money" 1176: 973: 94: 2306:(1961). "Say's Law and the Quantity Theory of Money". 1814:"Still Say's Law After All These Years - Paul Krugman" 1882:

Fatas, Antonio; Summers, Lawrence H. (October 2015).

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Because historically there have been many persistent

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Lucas, Robert E. (May 1978), "Unemployment Policy",

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Blanchard, Olivier J.; Summers, Lawrence H. (1986).

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The General Theory of Employment, Interest and Money

2095:"A Neglected Early Statement the Paradox of Thrift" 2414:A Treatise on Political Economy, Book I Chapter XV 2307: 1960:Warren J. Samuels, Jeff Biddle, John Bryan Davis, 1858:"Hysteresis and the European Unemployment Problem" 1406: 1404: 1884:"The Permanent Effects of Fiscal Consolidations" 1743:(3rd ed.). McGraw-Hill/Irwin. p. 98. 813: 1962:A companion to the history of economic thought 1936:"Keynes' Law and Say's Law in the AD/AS Model" 1679:"Why History of Economic Thought is Important" 416:, which was a key element of the framework of 2029: 2027: 8: 1444:Adam's Fallacy: A Guide to Economic Theology 2093:Nash, Robert T.; Gramm, William P. (1969). 1739:Frank, Robert H.; Bernanke, Ben S. (2007). 1495:. Vol. V. London: Routledge. pp. 1121:. Unsourced material may be challenged and 539:. Unsourced material may be challenged and 420:from the mid-19th century until the 1930s. 298:Explaining his point at length, Say wrote: 64:Learn how and when to remove these messages 1465:. Vol. V. London: Routledge. p. 1365:, a related critical view of fiscal policy 1203:Learn how and when to remove this message 1141:Learn how and when to remove this message 1000:Learn how and when to remove this message 938:Learn how and when to remove this message 664:Learn how and when to remove this message 559:Learn how and when to remove this message 188:Learn how and when to remove this message 170:Learn how and when to remove this message 117:Learn how and when to remove this message 2287:This is an English translation of Say's 2268:This is an English translation of Say's 1302:(abstention from purchase of goods) and 788:One can read Say as stating simply that 1385: 2368:(174). Blackwell Publishing: 145–161. 1591:(1808), Chapter VI: "Consumption", p. 854:precautionary, finance, or speculative 2266:. London: Sherwood, Neely, and Jones. 397:economy, a general glut cannot occur. 7: 2345:. Edward Elgard Publishing Limited. 1723: 1658: 1643: 1446:. Harvard University Press. p. 1429:, Vol. 21, No. 2, pp. 147-155, 1995. 1119:adding citations to reliable sources 920:adding citations to reliable sources 646:adding citations to reliable sources 537:adding citations to reliable sources 1569: 1554: 1539: 1410: 1392: 888:As a theoretical point of departure 2125:"Information on Jean-Baptiste Say" 1812:Krugman, Paul (10 February 2013). 25: 2393:Say's Law: An Historical Analysis 1974:Watson, Garrett (November 2012). 1834:Krugman, Paul (3 November 2015). 1792:"Debts, deficits and slow growth" 45:This article has multiple issues. 2314:. New York: Macmillan. pp. 1629:. London: John Murray. pp. 1290:, who in his 1936 review of the 1282:for a summary of Keynes's view. 1270:Keynes summarized Say's law as " 1157: 1091: 954: 896: 622: 509: 339:both supported the law in full. 133: 75: 34: 2282:A Treatise on Political Economy 1836:"Demand Creates Its Own Supply" 1790:Kates, Steven (25 April 2013). 1344:, the New Keynesian perspective 907:needs additional citations for 633:needs additional citations for 214:A Treatise on Political Economy 53:or discuss these issues on the 2395:. Princeton University Press. 2190:"The General Glut Controversy" 2162:Quarterly Journal of Economics 2002:"The General Glut Controversy" 777:model of money; contrast with 450:Keynesian economists, such as 262:of the 1930s, the theories of 258:" cycle. During the worldwide 1: 1272:supply creates its own demand 850:transactions demand for money 811:: where he called Say's law: 678:supply creates its own demand 293:supply creates its own demand 2099:History of Political Economy 1741:Principles of Macroeconomics 1358:Parable of the broken window 1324:—through what is called the 277:used the term in the 1930s. 266:disputed Say's conclusions. 2440:Eponymous laws of economics 2329:. Oxford University Press. 2289:Traité d'economie politique 1527:"Lord Keynes and Say's Law" 1183:the claims made and adding 980:the claims made and adding 790:money is completely neutral 712:no government intervention. 285: 218:Traité d'économie politique 27:Concept in market economics 2461: 2291:, first published in 1803. 2224:Steven Kates, ed. (2003). 1940:Principles of Economics 2e 1230:economy is always at what 759:Real Business Cycle Theory 717:incorrect. Keynes, in his 614:Assumptions and criticisms 501:Recession and unemployment 486:general equilibrium theory 2252:. London: John W. Parker. 1704:"Is Macroeconomics Hard?" 877:such as that of the 1930s 816:for all in present goods. 480:does not actually exist. 2445:1803 in economic history 2111:10.1215/00182702-1-2-395 1910:American Economic Review 1427:Eastern Economic Journal 1248:involuntary unemployment 478:involuntary unemployment 1221:"cyclical" unemployment 852:. That is, there is no 592:structural unemployment 381:Contemporary economist 142:Some of this article's 2341:Kates, Steven (1998). 2263:Letters to Mr. Malthus 2205:Kates, Steven (1998). 1764:Keynes, John Maynard. 1353:List of eponymous laws 1278:). See the article on 1083:Modern interpretations 846: 818: 469: 448: 379: 370: 361: 324: 308:another description." 305: 97:by rewriting it in an 2079:The Fallacy of Saving 2041:. gcc.edu. p. 3. 2034:Martin, Adam (2004). 1980:The Market Monetarist 1342:Demand side economics 1070:overproductive crises 842: 809:The Fallacy of Saving 596:cyclical unemployment 464: 454:, stress the role of 443: 374: 365: 356: 320: 300: 2310:Macroeconomic Theory 2272:, published in 1820. 2188:Fonseca, Gonçalo L. 2127:. Cepa.newschool.edu 2000:Fonseca, Gonçalo L. 1115:improve this section 916:improve this article 866:William H. Beveridge 807:, in his 1892 book, 803:economists, such as 642:improve this article 533:improve this section 424:The Great Depression 2430:Classical economics 2416:, Jean-Baptiste Say 1942:. BC Open Textbooks 1322:business confidence 1072:within capitalism. 873:classical economics 801:underconsumptionist 685:neutrality of money 275:John Maynard Keynes 264:Keynesian economics 202:classical economics 18:Say’s Theorem (Law) 2277:Say, Jean-Baptiste 2258:Say, Jean-Baptiste 2074:Robertson, John M. 1326:accelerator effect 1260:Arthur Cecil Pigou 1168:possibly contains 965:possibly contains 99:encyclopedic style 86:is written like a 2323:Axel Leijonhufvud 2244:Mill, John Stuart 2235:978-1-84064-866-9 2216:978-1-85898-748-4 2012:on 6 January 2011 1750:978-0-07-319397-7 1677:(6 August 2012). 1589:Commerce Defended 1266:Keynes versus Say 1213: 1212: 1205: 1170:original research 1151: 1150: 1143: 1010: 1009: 1002: 967:original research 948: 947: 940: 805:John M. Robertson 785:monetary theory. 674: 673: 666: 569: 568: 561: 286:Say's formulation 222:Jean-Baptiste Say 198: 197: 190: 180: 179: 172: 127: 126: 119: 68: 16:(Redirected from 2452: 2385: 2356: 2319: 2313: 2286: 2267: 2253: 2239: 2228:. Edward Elgar. 2220: 2209:. E. Elgar Pub. 2201: 2196:. Archived from 2174: 2171: 2165: 2158: 2152: 2142: 2136: 2135: 2133: 2132: 2121: 2115: 2114: 2090: 2084: 2083: 2070: 2064: 2063: 2061: 2059: 2049: 2043: 2042: 2040: 2031: 2022: 2021: 2019: 2017: 2008:. Archived from 1997: 1991: 1990: 1988: 1986: 1971: 1965: 1958: 1952: 1951: 1949: 1947: 1931: 1925: 1924: 1905: 1899: 1898: 1896: 1894: 1888: 1879: 1873: 1872: 1870: 1868: 1863:. pp. 15–78 1862: 1853: 1847: 1846: 1844: 1842: 1831: 1825: 1824: 1822: 1820: 1809: 1803: 1802: 1800: 1798: 1787: 1781: 1780: 1778: 1776: 1771:. pp. 25–26 1770: 1761: 1755: 1754: 1736: 1730: 1721: 1715: 1714: 1712: 1710: 1702:(28 June 2010). 1696: 1690: 1689: 1687: 1685: 1671: 1665: 1656: 1650: 1641: 1635: 1634: 1619: 1613: 1612: 1601: 1595: 1582: 1576: 1567: 1561: 1552: 1546: 1537: 1531: 1530: 1529:. 20 April 2005. 1523: 1517: 1507: 1501: 1500: 1488: 1482: 1477: 1471: 1470: 1458: 1452: 1451: 1436: 1430: 1423: 1417: 1408: 1399: 1390: 1234:economists call 1208: 1201: 1197: 1194: 1188: 1185:inline citations 1161: 1160: 1153: 1146: 1139: 1135: 1132: 1126: 1095: 1087: 1043:Marxian critique 1005: 998: 994: 991: 985: 982:inline citations 958: 957: 950: 943: 936: 932: 929: 923: 900: 892: 840:. To quote Say: 669: 662: 658: 655: 649: 626: 618: 564: 557: 553: 550: 544: 513: 505: 410:John Stuart Mill 345:John Stuart Mill 260:Great Depression 193: 186: 175: 168: 164: 161: 155: 137: 129: 122: 115: 111: 108: 102: 79: 78: 71: 60: 38: 37: 30: 21: 2460: 2459: 2455: 2454: 2453: 2451: 2450: 2449: 2420: 2419: 2410: 2374:10.2307/2553717 2359: 2353: 2340: 2304:Ackley, Gardner 2302: 2299: 2297:Further reading 2294: 2275: 2256: 2242: 2236: 2223: 2217: 2204: 2187: 2183: 2178: 2177: 2172: 2168: 2159: 2155: 2143: 2139: 2130: 2128: 2123: 2122: 2118: 2092: 2091: 2087: 2072: 2071: 2067: 2057: 2055: 2051: 2050: 2046: 2038: 2033: 2032: 2025: 2015: 2013: 1999: 1998: 1994: 1984: 1982: 1973: 1972: 1968: 1959: 1955: 1945: 1943: 1933: 1932: 1928: 1907: 1906: 1902: 1892: 1890: 1889:. pp. 1–34 1886: 1881: 1880: 1876: 1866: 1864: 1860: 1855: 1854: 1850: 1840: 1838: 1833: 1832: 1828: 1818: 1816: 1811: 1810: 1806: 1796: 1794: 1789: 1788: 1784: 1774: 1772: 1768: 1763: 1762: 1758: 1751: 1738: 1737: 1733: 1722: 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2254: 2240: 2234: 2221: 2215: 2202: 2200:on 2011-01-06. 2194:The New School 2184: 2182: 2179: 2176: 2175: 2166: 2153: 2137: 2116: 2105:(2): 395–400. 2085: 2065: 2044: 2023: 2006:The New School 1992: 1966: 1953: 1926: 1916:(2): 353–357, 1900: 1874: 1848: 1826: 1804: 1782: 1756: 1749: 1731: 1716: 1691: 1666: 1651: 1636: 1614: 1605:Ricardo, David 1596: 1577: 1562: 1547: 1532: 1518: 1502: 1483: 1472: 1453: 1431: 1418: 1400: 1384: 1383: 1381: 1378: 1376: 1373: 1372: 1371: 1366: 1360: 1355: 1350: 1345: 1337: 1334: 1315:liquidity trap 1311:interest rates 1292:General Theory 1276:General Theory 1267: 1264: 1255:Keynesian-type 1211: 1210: 1165: 1163: 1156: 1149: 1148: 1099: 1097: 1090: 1084: 1081: 1051:exchange value 1032:price of money 1018:General Theory 1008: 1007: 962: 960: 953: 946: 945: 904: 902: 895: 889: 886: 862:Robert Torrens 838:barter economy 783:post-Keynesian 769: 766: 751: 750: 747: 744: 741:credit bubbles 719:General Theory 714: 713: 710: 707: 672: 671: 630: 628: 621: 615: 612: 567: 566: 517: 515: 508: 502: 499: 493: 490: 438: 435: 425: 422: 418:macroeconomics 414:law of markets 402: 401: 398: 391: 341:Thomas Malthus 328: 327:Early opinions 325: 287: 284: 282: 279: 252: 251: 248: 210:law of markets 196: 195: 178: 177: 144:listed sources 141: 139: 132: 125: 124: 83: 81: 74: 69: 43: 42: 40: 33: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 2457: 2446: 2443: 2441: 2438: 2436: 2433: 2431: 2428: 2427: 2425: 2415: 2412: 2411: 2407: 2402: 2401:0-691-04166-0 2398: 2394: 2390: 2389:Thomas Sowell 2387: 2383: 2379: 2375: 2371: 2367: 2363: 2358: 2354: 2352:1-85898-748-2 2348: 2344: 2339: 2336: 2335:0-19-500948-7 2332: 2328: 2324: 2321: 2317: 2312: 2311: 2305: 2301: 2300: 2296: 2290: 2284: 2283: 2278: 2274: 2271: 2265: 2264: 2259: 2255: 2251: 2250: 2245: 2241: 2237: 2231: 2227: 2222: 2218: 2212: 2208: 2203: 2199: 2195: 2191: 2186: 2185: 2180: 2170: 2167: 2163: 2157: 2154: 2151: 2147: 2141: 2138: 2126: 2120: 2117: 2112: 2108: 2104: 2100: 2096: 2089: 2086: 2081: 2080: 2075: 2069: 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1307: 1305: 1301: 1295: 1293: 1289: 1283: 1281: 1277: 1273: 1265: 1263: 1261: 1256: 1251: 1249: 1245: 1244:laissez-faire 1241: 1237: 1233: 1229: 1224: 1222: 1218: 1207: 1204: 1196: 1186: 1182: 1178: 1172: 1171: 1166:This section 1164: 1155: 1154: 1145: 1142: 1134: 1124: 1120: 1116: 1110: 1109: 1105: 1100:This section 1098: 1094: 1089: 1088: 1082: 1080: 1077: 1073: 1071: 1068: 1064: 1063:David Ricardo 1060: 1056: 1055:surplus value 1052: 1048: 1044: 1039: 1035: 1033: 1028: 1026: 1021: 1019: 1014: 1004: 1001: 993: 983: 979: 975: 969: 968: 963:This section 961: 952: 951: 942: 939: 931: 921: 917: 911: 910: 905:This section 903: 899: 894: 893: 887: 885: 882: 881:laissez faire 878: 874: 869: 867: 863: 857: 855: 851: 845: 841: 839: 835: 831: 827: 822: 817: 812: 810: 806: 802: 797: 796:to hoard it. 795: 791: 786: 784: 780: 776: 768:Role of money 767: 765: 762: 760: 756: 748: 745: 742: 738: 734: 731: 730: 729: 727: 722: 720: 711: 708: 705: 704: 703: 700: 697: 695: 694:general gluts 690: 689:ex 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