Say’s Law: A Rigorous Restatement
Say’s Law has passed through various conceptual frameworks. As the next logical step, this paper provides a rigorous restatement in structural axiomatic terms. The main reason is that previous attempts have been methodologically unsatisfactory. Standard economics rests on behavioral assumptions that are expressed as axioms. Axioms are indispensable to build up a theory that epitomizes formal and material consistency. The crucial flaw of the standard approach is that human behavior does not lend itself to axiomatization. Small wonder that the accustomed attempt to explain how the economy works met with scant success. This battered also the discussion about Say’s Law.
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- Baumol, William J, 1977. "Say's (at Least) Eight Laws, or What Say and James Mill May Really Have Meant," Economica, London School of Economics and Political Science, vol. 44(174), pages 145-61, May.
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- repec:dgr:kubcen:199456 is not listed on IDEAS
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32421, University Library of Munich, Germany.
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- Steven Kates, 1997. "On the True Meaning of Say's Law," Eastern Economic Journal, Eastern Economic Association, vol. 23(2), pages 191-202, Spring.
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