Say’s Law its history and meaning

And if you are interested in the print version:

Kates, Steven. 2010. “Why Your Grandfather’s Economics was Better than Yours.” Quarterly Journal of Austrian Economics, Vol 13, No. 4.

There just seem to be some ideas that make sense to people who have never been instructed to understand why they are wrong. That was the point of Say’s Law among the classical economists, to teach economists that demand deficiency and underconsumption had nothing to do with the business cycle or unemployment. And now, we have gone the next step into Modern Monetary Theory where it is no longer even pretended that the money spent by governments has to be related to incomes earned in producing some good or service for others to buy. The lack of terror even amongst economists over the “Build Back Better” potential explosion in wasteful, non-value adding public spending in the United States is what we now find ourselves in the midst of. 

2 thoughts on “Say’s Law its history and meaning

  1. Pingback: Say’s Law – Veris Oeconomica

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.