| Jean Baptiste Say |
Jean-Baptiste Say (1767-1832) was the leading French political
economist in the first third of the 19th century. His major
theoretical work was the Traité d’économie politique (1803)
which went through many editions, revisions, and translations
during his lifetime. It was very influential in the U.S. during
the 19thC. He was the originator of the theory that “supply
creates its own demand” (called Say’s Law of Markets), which
was Mill’s restatement of Say’s “products are paid for with
products.” The idea that business booms are associated with
temporary overproduction that adjusts itself because of the
incentives for producers to sell their output was one
implication of Say’s Law.
economist in the first third of the 19th century. His major
theoretical work was the Traité d’économie politique (1803)
which went through many editions, revisions, and translations
during his lifetime. It was very influential in the U.S. during
the 19thC. He was the originator of the theory that “supply
creates its own demand” (called Say’s Law of Markets), which
was Mill’s restatement of Say’s “products are paid for with
products.” The idea that business booms are associated with
temporary overproduction that adjusts itself because of the
incentives for producers to sell their output was one
implication of Say’s Law.