What is Say's Law of Markets?

Say's Law, also known as Say's Law Of Market, is an economic thought that has prevailed since the early 19th century. Say's law mainly states that the economy generally does not experience any crisis of overproduction, and it is even less likely that underemployment will occur. The law was named after Jean-Baptiste Say, a French economist in the 19th century1, but Say was not the first to propose the content of the law. It was the British economy that really proposed the relevant concept James Mill, a historian and historian. Although today's economics textbooks have deleted its content, there are still many micro or macro economic theories that have come to a conclusion based on Say's law.

Say's Law

"Supply creates own demand" [2] is the most common expression of Say's law. However, if you mistakenly believe that after all products are produced, you will be able to sell them, but you have misunderstood the meaning of the law.

The core idea of Say's law is "supply creates its own needs". The implicit assumption of this conclusion is that the cyclic process can automatically

The application of Say's law dominates the thought of the entire classical school and the mainstream economic thought to

Say's Law Foreign Reference

^ 1.0 1.1 Sweezy. "On Capitalist Development", p. 155.

^ Gao Hongye. Translator's Guide to "A General Theory of Employment, Interest, and Money," p. 4.

^ Marx. "Manuscript of Economics and Philosophy 1844", p. 170.

^ Economics Guan Gong and Qin Qiong: Keynes' Law PK Zaire's Law Second Paragraph

^ Keynes. "General Introduction to Employment, Interest, and Money," pp. 24-25.

^ Keynes. "General Introduction to Employment, Interest, and Money," p. 27.

^ Keynes. "General Introduction to Employment, Interest, and Money," p. 21.

^ Gao Hongye. Translator's Guide to "A General Introduction to Employment, Interest, and Money," p. 9.

^ Wang Wenping. "Interest Rate Policy in Economic Development", pp. 10-11.

^ Wexel. "Interest and Price".

^ Schumpeter. "Economic Development Theory", p.130.

Say's Law Domestic Reference

^ Gao Hongye. Translator's Guide to "A General Introduction to Employment, Interest, and Money," p. 8.

^ Sweezy. "On Capitalist Development", p. 156.

^ "Capital" Chapter III Chapter I Chapter III

^ Gao Hongye. Translator's Guide to "A General Introduction to Employment, Interest, and Money," p. 24.

^ Capital, Volume III, Chapter III

^ Sweezy. "On Capitalist Development", p. 82.

^ "Capital" Chapter One Chapter Two Chapter Four

^ Sweezy. "On Capitalist Development", Chapter VIII, Section III.