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Say's Traité d'économie politique

Traité d'économie politique, ou, Simple exposition ...
(Menger Fr.1428)

Publication details

Traité d'économie politique, ou, Simple exposition de la manière dont se forment, se distribuent, et se consomment les richesses / par Jean-Batiste Say ...
Publisher: A Paris : Chez Deterville
Publication Date: an XI, 1803
Physical Description: 2 v. ; 21 cm
Notes: Includes bibliographical references and index
Author: *Say, Jean Baptiste, 1767-1832
Language: French

Explanation

Jean Baptiste Say, 1767-1832, was a leader among the liberal economists of nineteenth-century France. In this work, he expounds the necessary accord between demand and supply and denies that economic crises are caused by an excess of production. This proposition is known as Say's law, or the law of the market. Say's law can be summed up as "Production is not limited by the scale of consumption." Its arguments involve 1) equilibrium between buying and selling, according to which money is only a medium and all products are purchased by other products, and 2) equilibrium between production and consumption caused by the fact that production begets income and income begets demand. J. Mill, Ricardo and J.S. Mill adopted Say's law, while Malthus, Lauderdale and Sismondi criticized it. Keynes begins his General Theory of Employment, Interest and Money with a critique of Say's law, treating it as one of the two postulates of the classical theory. This work of Say's contributes to both micro and macro economics, with its law of the market, utility theory, price theory, entrepreneurial theory and national income theory.

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