On the Economics of Say and Keynes' Interpretation of Say's Law
J. B. Say argued that commercial crises were the results of effective demand failures, except, unlike Malthus he did not naively attribute effective demand failures to overproduction given some absolute limit on people's willingness to consume. Instead, Say built a theory of recessions based on coordination failures. Many of Say's contemporaries failed to understand his arguments. This in turn led to an escalating series of misquotes and misinterpretations that ultimately ended up as Keynes' supply creates its own demand rendition of Say's law.
Volume (Year): 21 (1995)
Issue (Month): 2 (Spring)
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