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ON THE TRUE MEANING OF SAY'S LAW
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J.-B. SAY ON UNEMPLOYMENT AND PUBLIC WORKSTHE OTHER SYMPOSIUM PAPERS: A FEW COMMENTS
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ON THE TRUE MEANING OF SAY'S LAW

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: The meaning of Say's Law may seem an issue of little relevance to economists today. It would seem, on the face of it, of interest only to historians of economics. Whatever Say's Law might mean, the one thing we economists know, or at least think we know, is that it was comprehensively refuted by John Maynard Keynes in his General Theory of Employment, Interest and Money. Knowing the meaning of this ancient economic doctrine would appear a matter of no contemporary importance.(n1)

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J.-B. SAY ON UNEMPLOYMENT AND PUBLIC WORKSTHE OTHER SYMPOSIUM PAPERS: A FEW COMMENTS

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: Steven Kates' valuable paper on J.-B. Say is essentially right in its three basic points. Say, like James Mill and Ricardo, was at pains to emphasize that there could be no general deficiency of demand, or at least, not for any substantial period. Second, none of these authors denied the existence of business fluctuations or, I may add, of unemployment. Third, Keynes' description of the positions of Say and Malthus leaves much to be desired. In short, I have much more with which to agree than with which to differ in the Kates article.

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