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Jean-Baptiste Say on Say’s Law - Dictionary of Arguments
Mause I 41
Say's Law/Jean-Baptiste Say: Say became known above all by "Say's Law" that was named after him. (1)
Say thesis: Supply and demand inevitably balance each other out: In particular, there can be no oversupply, as each supply creates its own demand through the income generated by production. Any imbalances within individual sectors would be quickly compensated by the pressure of competition and did not pose a fundamental problem.
Above all, this "law" served for more than one hundred years to justify the abstinence from economic theory and economic policy.
1. Say, Jean-Baptiste. Traité d’Economie Politique, Paris 1803, S. 153._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.
Traité d’ Economie Politique Paris 1803
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