Understanding Jean-Baptiste Say's Law: A Comprehensive Guide
EconomyGovernment EconomicsJean-Baptiste Say was a prominent economist whose pro liberty, free-market-oriented views brought him into conflict with Napoleon Bonaparte. He corresponded with Thomas Jefferson and was heavily influenced by Adam Smith, with his work being seen as a revision of Smith's ideas for a French audience. Say's law, a key concept in his work, emphasizes the importance of understanding supply issues when there is a problem with demand, and controversies related to it continue to exist in the present day.
Influence and Critique
⭐Say corresponded with Thomas Jefferson and his treatise on political economy was sent to him.
⭐Say was influenced by Adam Smith and his work can be seen as a revision of Smith's ideas for a French audience.
⭐Say criticized labor theories of value and believed in the supply and demand theory.
⭐French economists had a better understanding of utility and were less attracted to labor theories of value.
⭐Say's law is a way of stating the principle of circular flow in an economy, where income generated from production serves as demand for other goods and services.
Controversies and Resources
🔍Jean-Baptiste Say's law emphasizes the importance of understanding supply issues when there is a problem with demand.
🔍Controversies related to Say's law continue to exist in the present day.
🔍Recommended resources for further learning on Say's law include Say's treatise, letters to Malthus, and books by Robert Formaini and Samuel Hollander.
FAQ
What is Say's law?
Say's law is a way of stating the principle of circular flow in an economy, where income generated from production serves as demand for other goods and services.
What are the key criticisms of Say's law?
Critics argue that Say's law may not hold true in all economic situations, especially during times of recession or depression.
How can one learn more about Say's law?
Recommended resources for further learning on Say's law include Say's treatise, letters to Malthus, and books by Robert Formaini and Samuel Hollander.
What is the relevance of Say's law today?
Controversies related to Say's law continue to exist in the present day, with ongoing debates about its applicability in modern economic contexts.
What were Say's views on labor theories of value?
Say criticized labor theories of value and believed in the supply and demand theory, which was in contrast to the prevailing views of his time.
Summary with Timestamps
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Jean-Baptiste Say was a prominent economist whose pro liberty, free-market-oriented views brought him into conflict with Napoleon Bonaparte. He corresponded with Thomas Jefferson and was heavily influenced by Adam Smith, with his work being seen as a revision of Smith's ideas for a French audience. Say's law, a key concept in his work, emphasizes the importance of understanding supply issues when there is a problem with demand, and controversies related to it continue to exist in the present day.
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