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Say's Law

   Also found in: Wikipedia 0.03 sec.
Say's Law
The concept that, because that which is consumed must be produced, supply creates its own demand. That is, supply of products will eventually be consumed by demand. This is an important concept for supply-side economics; Keynesianism, however, holds the opposite view.


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Economics scholars from across the globe discuss the nineteenth-century background; the ideas of Adam Smith, Adolph Lowe, Karl Marx, Francois Quesnay, Alfred Marshall, John Maynard Keynes, and other thinkers; and topics such as option-pricing theory, the history of the field, the critical economic systems approach, the sociology of economic knowledge, Say's Law, class and monopoly, productivity growth and inflation, and the lives and contributions of some of the Nobel Laureates to the field.
The meaning and the significance of Say's Law have spawned numerous controversies, and the issues at stake have shaped theoretical models and policy advice for generations of economists.
Groenewegen is apparently of the opinion that, although Marshall never said so in so many words, he was less than convinced of the significance of Say's law in the analysis of the economy.
 
 
 
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