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

Author

Listed:
  • Petur O. Jonsson

    (Fayetteville State University)

Abstract

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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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume21/V21N2P147_155.pdf
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    Cited by:

    1. Meacci, Ferdinando, 2013. "Say's Law," MPRA Paper 55495, University Library of Munich, Germany, revised Mar 2014.
    2. James C. W. Ahiakpor, 2004. "On the Future of Keynesian Economics," American Journal of Economics and Sociology, Wiley Blackwell, vol. 63(3), pages 583-608, July.
    3. Kilbourne, William E. & Thyroff, Anastasia, 2020. "STIRPAT for marketing: An introduction, expansion, and suggestions for future use," Journal of Business Research, Elsevier, vol. 108(C), pages 351-361.

    More about this item

    JEL classification:

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

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