About: Jean-Baptiste Say   Sponge Permalink

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He is best known for the incorrect notion of Say's Law, also known as the law of markets, which he popularized. Scholars disagree on the surprisingly subtle question of whether it was Say who first stated what we now call Say's Law. Say's theories were superseded by Keynesian economics which understands the real world better.

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  • Jean-Baptiste Say
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  • He is best known for the incorrect notion of Say's Law, also known as the law of markets, which he popularized. Scholars disagree on the surprisingly subtle question of whether it was Say who first stated what we now call Say's Law. Say's theories were superseded by Keynesian economics which understands the real world better.
  • Jean-Baptiste Say (5. January 1767 – 15. November 1832) was a French economist and businessman. He realized that economics is not about the amassing of data, but rather about the verbal elucidation of universal facts (for example, wants are unlimited, means are scarce) and their logical implications.
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abstract
  • He is best known for the incorrect notion of Say's Law, also known as the law of markets, which he popularized. Scholars disagree on the surprisingly subtle question of whether it was Say who first stated what we now call Say's Law. Say's theories were superseded by Keynesian economics which understands the real world better.
  • Jean-Baptiste Say (5. January 1767 – 15. November 1832) was a French economist and businessman. He realized that economics is not about the amassing of data, but rather about the verbal elucidation of universal facts (for example, wants are unlimited, means are scarce) and their logical implications. Say discovered the productivity theory of resource pricing, the role of capital in the division of labor, and "Say's Law": there can never be sustained "overproduction" or "underconsumption" on the free market if prices are allowed to adjust. He was a defender of laissez-faire and the industrial revolution.
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