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A Discussion of Say's Law: The Outcome of the Symposium

Author

Listed:
  • Steven Kates

    (Australian Chamber of Commerce & Industry
    Australian National University)

Abstract

This note summarizes the symposium, "Say's Law Revisited." The most remarkable achievement of the symposium has been the manner in which it has cleared away important parts of the mythology which has surrounded Say's Law since the publication of the "General Theory". It is clear that what is today referred to as Say's Law is different from the classical meaning associated with the law of markets. All of the participants agree that Keynes misstated the actual meaning which the law of markets held for classical economists. It is jointly agreed that whatever else the law of markets may have meant, it did not mean that recessions and involuntary unemployment are impossible, or as Keynes put it, that if Say's Law is true, there is "no obstacle to full employment".

Suggested Citation

  • Steven Kates, 1997. "A Discussion of Say's Law: The Outcome of the Symposium," Eastern Economic Journal, Eastern Economic Association, vol. 23(2), pages 237-239, Spring.
  • Handle: RePEc:eej:eeconj:v:23:y:1997:i:2:p:237-239
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    More about this item

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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