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On the Economics of Say and Keynes' Interpretation of Say's Law


  • Petur O. Jonsson

    (Fayetteville State University)


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.

Suggested Citation

  • Petur O. Jonsson, 1995. "On the Economics of Say and Keynes' Interpretation of Say's Law," Eastern Economic Journal, Eastern Economic Association, vol. 21(2), pages 147-155, Spring.
  • Handle: RePEc:eej:eeconj:v:21:y:1995:i:2:p:147-155

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    Cited by:

    1. Meacci, Ferdinando, 2013. "Say's Law," MPRA Paper 55495, University Library of Munich, Germany, revised Mar 2014.

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    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals


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