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The below mentioned article provides a close view on the Say’s Law of Market. Introduction to Say’s Law of Markets: The most fundamental and central proposition of classical economics was Say's Law of Markets, after J.B. Say, a French Economist (1797-1832), who first stated the law in a systematic form. Briefly stated, this law means that 'supply always creates its own demand. In other ...
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 ...
He in his book, 'General Theory', has severally criticized the Say's Law on the following grounds: (i) Possibility of deficiency of effective demand. According to Keynes, the classical theory based on Say's Law is unreal. In a competitive market, he says, it is not necessary that all income earned is automatically spent on consumption and ...
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. When somebody produces a good or ...
12. März 2019 · Say's law of markets is a controversial economic theory that says that production is the source of demand, which is challenged by Keynesian economics. Investopedia uses cookies to provide you with a great user experience.
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1. Jan. 2017 · The first edition of Say’s Traité d’économie politique in 1803 contained the crucial propositions of Say’s Law, though not all in his chapter on markets (‘Des Débouchés’). The quantity of products demanded was ‘without a doubt’ determined by the quantity of products created, according to Say. ‘The demand for products in general is therefore always equal to the sum of the ...
