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Journal of the History of Economic Thought Preprints - Beyond Say’s Law: The Significance of J.-B. Say’s Monetary Views

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  • Numa, Guy
  • Béraud, Alain

Abstract

Say’s notion of débouchés has not been correctly understood, for lack of proper context within the framework of his broader political economy. We revisit Say’s writings on this topic, retrace the concept’s evolution, and lay out a framework that better illustrates the essence of Say’s thinking. We argue that Say’s theories on money and economic crises are much richer and more sophisticated than the traditional interpretation of Say’s law would suggest. Say himself acknowledged that his monetary theory contradicted his initial articulations of the law, a point often missed by contemporary observers. This essay paints a more complete picture of Say’s work, showing how monetary changes could, under his framework, affect real variables. In so doing, it cuts against the many simplistic interpretations that pervade the existing literature on the subject.

Suggested Citation

  • Numa, Guy & Béraud, Alain, 2017. "Journal of the History of Economic Thought Preprints - Beyond Say’s Law: The Significance of J.-B. Say’s Monetary Views," OSF Preprints wstb4, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:wstb4
    DOI: 10.31219/osf.io/wstb4
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