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26. Apr. 2024 · Say's Law of Markets is a theory from classical economics arguing that the ability to purchase something depends on the ability to produce and thereby generate...
An important element of classical economics is Say’s Law of Markets, after J.B. Say, a French economist who first stated the law in a systematic form. Briefly stated, this law means that ‘supply always creates its own demand.’.
Say's law. In classical economics, Say's law, or the law of markets, is the claim that the production of a product creates demand for another product by providing something of value which can be exchanged for that other product. So, production is the source of demand.
Summary. Say’s Law of Markets states that the supply of a good or service creates demand for that good or service, i.e., supply creates its own demand.
Say’s law states that the production of goods creates its own demand. In 1803, John Baptiste Say explained his theory. “It is worthwhile to remark that a product is no sooner created than it, from that instant, affords a market for other products to the full extent of its own value.” (J. B. Say, 1803: pp.138–9)
14. Sept. 2023 · Say’s Law of Markets. Say's Law is commonly defined in its simplest and most common form as "supply creates its own demand" Author: Himanshu Singh. Reviewed By: Austin Anderson. Last Updated: September 14, 2023. What is Say's Law Of Markets? Say's Law essentially states that "supply creates its own demand."
19. März 2024 · Ante Mazalin. Summary: Say’s Law of Markets, a cornerstone of classical economics, asserts that production precedes demand, emphasizing the role of production in creating economic prosperity. This article explores the origins, key principles, and implications of Say’s Law, shedding light on its enduring significance in modern economic thought.
