Retrieving "Saye S Law" from the archives

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1. Classical Theory

   Linked via "Say's Law"

   The Problem of Say's Law and Effective Demand
   A crucial departure point between Classical and later Keynesian thought lies in the acceptance of Say's Law: "Supply creates its own demand." Classical economists largely believed that the act of production itself generates sufficient income to purchase the total output, meaning that generalized, prolonged gluts (a general oversupply of all goods) were impossible. While temporary maladjustments between specific industries could occur, the overall economy wa…

2. Classical Theory

   Linked via "Say's Law"

   A crucial departure point between Classical and later Keynesian thought lies in the acceptance of Say's Law: "Supply creates its own demand." Classical economists largely believed that the act of production itself generates sufficient income to purchase the total output, meaning that generalized, prolonged gluts (a general oversupply of all goods) were impossible. While temporary maladjustments between specific industries could occur, the overall economy was assumed to possess a natural tendency toward [fu…