Lawrence Kirby
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Apr 26, 2024 · Timothy Li. What Is Say's Law of Markets? Say's Law of Markets is a classical economic theory that says that the income generated by past production and sale of goods is the source of...
Jan 31, 2024 · Say’s law, also known as Say’s law of markets in economics, states that supply inevitably generates demand. As a result, the total output must invariably result in total demand. The law suggests increasing production is the key to economic growth rather than boosting demand.
An important element of classical economics is Say’s Law of Markets, after J.B. Say, a French economist who first stated the law in a systematic form. Briefly stated, this law means that ‘supply always creates its own demand.’
In classical economics, Say's law, or the law of markets, is the claim that the production of a product creates demand for another product by providing something of value which can be exchanged for that other product. So, production is the source of demand.
Say’s Law of Markets states that the supply of a good or service creates demand for that good or service, i.e., supply creates its own demand.
Oct 12, 2022 · Say’s Law is a common precept of classical economics. The law is based on the writings of nineteenth-century French economist Jean-Baptiste Say, an early advocate of the free market economic theories.
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Definition and explanation of Say's law - the production of goods creates its own demand. Quotes from Say, Keynes. Implications and criticisms of this economic theory.
