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The meaning of Say’s Law, “What is Say’s Law?”

by | Jun 21, 2022 | Economics | 0 comments

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Unit 3: Discussion
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Our unit class discussions will focus on the connections between past economic ideas and current economic issues.
Say’s Law may have been derived from the following quote:
“It is worth while to remark, that a product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value. When the producer has put the finishing hand to his product, he is most anxious to sell it immediately, lest its value should diminish in his hands. Nor is he less anxious to dispose of the money he may get for it; for the value of money is also perishable. But the only way of getting rid of money is in the purchase of some product or other. Thus, the mere circumstance of the creation of one product immediately opens a vent for other products.” Jean Baptiste, A Treatise on Political Economy (1803)
Our task this unit is to explore the implications of Say’s Law of Markets. Original posts to this discussion should concentrate on the following:
1) The meaning of Say’s Law, “What is Say’s Law?”
2) The validity of Say’s Law: Short-run vs. Long-run?
3) Comments on the following statement by your authors: “Uncritical acceptance of this law of markets appears to have delayed the study of business cycles for many decades.” (p. 131)
Conclude this discussion by reviewing and commenting on the National Bureau of Economic Research business cycle dates at: http://www.nber.org/cycles.html (Links to an external site.). Use this if it doesn’t work: Business Cycle Dating | NBER
Original discussion posts are to be submitted by midnight Wednesday. Be sure to respond to a minimum of two of your classmates’ postings.

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