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Say’s Law: A Rigorous Restatement

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  • Kakarot-Handtke, Egmont

Abstract

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.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2013. "Say’s Law: A Rigorous Restatement," MPRA Paper 52550, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:52550
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    References listed on IDEAS

    as
    1. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
    2. 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 145-161, May.
    3. Keuzenkamp, H.A. & McAleer, M., 1994. "Simplicity, scientific inference and econometric modelling," Other publications TiSEM dabcc476-15d7-4177-a2f5-b, Tilburg University, School of Economics and Management.
    4. Peter L. Bernstein, 1953. "Profit Theory — Where Do We Go from Here?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 67(3), pages 407-422.
    5. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
    6. Johannes J. Klant, 1994. "The Nature Of Economic Thought," Books, Edward Elgar Publishing, number 262.
    7. Steven Kates, 1997. "On the True Meaning of Say's Law," Eastern Economic Journal, Eastern Economic Association, vol. 23(2), pages 191-202, Spring.
    8. Mark Blaug, 1997. "Say's Law of Markets: What Did It Mean and Why Should We Care?," Eastern Economic Journal, Eastern Economic Association, vol. 23(2), pages 231-235, Spring.
    9. William J. Baumol, 1999. "Retrospectives: Say's Law," Journal of Economic Perspectives, American Economic Association, vol. 13(1), pages 195-204, Winter.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    new framework of concepts; structure-centric; axiom set; consumption economy; Profit Law; simulation; market clearing; budget balancing;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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