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BBS second year Economics//Say's law of market//Classical theory of employment//J.B Say's market law@secreteducation2056 #macroeconomics #classical_theory_of...
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12. Okt. 2022 · Say’s Law is a common precept of classical economics. The law is based on the writings of nineteenth-century French economist Jean-Baptiste Say, an early advocate of the free market economic theories. Say was influenced by Adam Smith, one of the most influential neoclassical economists in the history of economic thought.
However, Say's Law can be understood as an analytical proposition about the functioning of the market, regardless of the analyst's more general conclusions about the efficacy of markets. But getting at that proposition requires that we return to Say's original text and critically assess more recent understandings of Say's Law.
24. Jan. 2023 · Say's law identifies the origins of the demand for goods in a market, and is often expressed by the phrase, "supply creates its own demand." However, this simple, catchy phrase is often used in a manner that misinterprets the original author's insights into how markets operate. The original concept is derived from a book published in 1803 by ...
Definition and meaning. Say’s law, also known as Say’s law of markets in Classical economics, states that supply itself creates its own demand. According to Say’s law, aggregate production necessarily creates an equal amount of aggregate demand. It is an economic rule that production is the source of demand, so says Say’s law.
1 The purpose of the general equilibrium theory (GET) is to construct a system of conditions which are necessary and sufficient to determine all the variables contained in the system. As Walras was the first economist to clearly set forth the idea, he is usually acknowledged as the originator of GE analysis. But the idea of the system-theoretic ...
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