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Jean-Baptiste Say

Jean-Baptiste Say (January 5, 1767 – November 15, 1832) was a French economist, businessman, and author whose work advanced classical liberal principles of free markets, competition, and entrepreneurship.^[1]^[2] Born in Lyon to a Protestant merchant family, Say apprenticed in commerce in England, returned to France amid the Revolution, and established a successful cotton-spinning enterprise that demonstrated practical applications of economic theory.^[1]^[3] His most influential contribution, articulated in Traité d'économie politique (1803), popularized Adam Smith's ideas on division of labor and wealth creation in France while formulating Say's law of markets, asserting that the production of goods generates equivalent purchasing power, thereby ensuring that supply creates its own demand absent monetary distortions.^[2]^[4] Appointed to Napoleon's Conseil d'État in 1800 but dismissed four years later for opposing protectionism, Say later became France's inaugural professor of political economy at the Collège de France and Athénée royal, emphasizing empirical observation over abstract speculation.^[3]^[1] Though Say's law faced later critiques—often from Keynesian perspectives privileging demand deficiencies—its core insight aligns with causal mechanisms where production funds consumption via income flows, challenging notions of chronic general gluts in market economies.^[4]^[5]

Biography

Early Life and Education

Jean-Baptiste Say was born on January 5, 1767, in Lyon, France, to a Protestant family of silk merchants of Huguenot origin.^[6] His father, Jean-Etienne Say, originated from Nîmes but had relocated the family to Geneva in the late 17th century following the revocation of the Edict of Nantes, which ended religious toleration for Protestants in France; the family returned to Lyon in the mid-18th century, where Jean-Etienne established himself as a merchant.^[1] This background of religious persecution and commercial enterprise instilled in Say an early appreciation for individual resilience and market activities, key elements of his later classical liberal perspective.^[7] Say spent much of his early years in Geneva, a Protestant stronghold that exposed him to Enlightenment principles emphasizing reason, commerce, and limited governance, alongside practical involvement in the family textile business.^[1] At the age of fifteen, he began an apprenticeship in a banking house in Paris, gaining hands-on experience in finance and trade that prioritized empirical observation over theoretical abstraction.^[7] In 1785, at age eighteen, Say and his brother Horace were dispatched by their father to London to study British industry and commerce, further deepening his understanding of productive enterprise and free exchange as drivers of prosperity.^[7] These formative experiences in mercantile environments shaped Say's lifelong commitment to economics grounded in real-world causation rather than speculative ideals.^[1]

Business Ventures and Early Influences

Upon returning to France in 1787 following time abroad learning business practices, Jean-Baptiste Say secured employment at a Paris-based life insurance company directed by Étienne Clavière, a Genevan financier and future revolutionary figure.^[7] ^[1] This role lasted approximately three years, providing Say with initial insights into commercial operations amid the pre-revolutionary economic environment.^[8] Subsequently, Say served as a commercial traveler for a cotton-spinning firm starting around 1791, traveling extensively to negotiate deals and observe market dynamics.^[7] These experiences exposed him directly to the inefficiencies of trade barriers, such as tariffs and restrictions that impeded cross-border exchanges, fostering his empirical understanding of how such mercantilist policies distorted natural commercial flows and reduced overall prosperity.^[8] During these travels, Say encountered Adam Smith's An Inquiry into the Nature and Causes of the Wealth of Nations, which reinforced his observations by emphasizing production and exchange over hoarding bullion or protectionism.^[7] In 1794, amid the French Revolution's turmoil, Say co-founded and became managing editor of La Décade philosophique, littéraire et politique, a journal aligned with the Idéologues' rationalist outlook.^[1] ^[7] Through articles in this publication from 1794 to 1799, he advocated free trade principles, critiquing both lingering mercantilist controls and physiocratic agrarian biases, drawing on his practical knowledge to argue that unrestricted markets better facilitated wealth creation via voluntary exchanges.^[1] These early writings marked Say's shift from merchant to economic commentator, prioritizing evidence from commerce over theoretical abstractions disconnected from real-world incentives.^[8]

Academic Career and Major Publications

Say transitioned from business activities to academic endeavors following the Napoleonic era, establishing himself as a prominent economist through systematic exposition of market principles grounded in observation of production and exchange. His foundational text, Traité d'économie politique, appeared in 1803, presenting a comprehensive framework for understanding wealth creation via individual initiative and voluntary transactions rather than state direction.^[9] This work drew criticism from Napoleon's administration for challenging excessive government involvement in economic affairs, contributing to Say's exclusion from certain official roles, though it achieved wide circulation and underwent revisions in subsequent editions through 1826.^[1]^[2] In parallel with his writing, Say engaged in teaching to propagate practical economic insights, commencing public lectures at the Athénée royal in 1815. He secured a professorship in industrial economy at the Conservatoire des Arts et Métiers in 1817, serving until 1830 and focusing instruction on real-world applications of resource allocation and enterprise.^[1] Appointed professor of political economy at the Collège de France in 1831, he continued disseminating ideas until his death, prioritizing experiential learning over abstract speculation to equip audiences with tools for commercial decision-making.^[1] Among his pedagogical publications, the Catéchisme d'économie politique of 1815 offered an accessible dialogue format to elucidate production, distribution, and consumption processes for non-specialists, including aspiring businessmen.^[10] Similarly, the Cours complet d'économie politique pratique (1828–1829) expanded into a detailed manual synthesizing lectures and case studies, aimed at fostering entrepreneurial acumen through analysis of actual market dynamics in France's recovering economy.^[11] These efforts positioned Say as a pivotal figure in institutionalizing economics as a discipline oriented toward empirical validation of free-market mechanisms amid post-revolutionary reconstruction.^[1]

Political Engagement

Say supported the French Revolution early on, publishing a pamphlet in 1789 that defended freedom of the press amid the Estates-General debates.^[7] In 1799, under the Consulate, he was appointed to the Tribunate, where he served on the finance section and critiqued aspects of government policy.^[1] His tenure reflected initial alignment with revolutionary ideals of reform, though he increasingly opposed centralized control. Say's criticism of Napoleonic policies, including high government spending, fiscal measures funding wars, and interventionist trade restrictions like the Continental System and cotton tariffs, led to his dismissal from the Tribunate in 1804.^[1]^[12] This ouster stemmed from his advocacy for reduced state interference in markets and aversion to protectionism, which he viewed as distorting production and exchange.^[13] Post-dismissal, he focused on private enterprise but continued promoting anti-interventionist principles through writings that emphasized individual initiative over state direction. Under the Bourbon Restoration, Say championed a classical republican framework prioritizing decentralized authority, secure property rights, and constraints on executive power to prevent arbitrary rule.^[14] He opposed emerging utopian collectivist ideas by arguing that true prosperity required voluntary exchange and limited government, rather than engineered social reorganization.^[15] His political stance evolved toward endorsing constitutional monarchy as a bulwark against absolutism, while consistently rejecting tariffs and monopolies that favored special interests.^[16]

Personal Life and Later Years

In 1793, Jean-Baptiste Say married Julie Gourdel-Deloches, the daughter of a Parisian lawyer.^[7] The couple had several children, including Horace-Émile Say and Adrienne Say, whose familial support sustained him through financial adversities, notably the ruin of his cotton-spinning factory due to fluctuating tariffs imposed by the Continental Blockade.^[17]^[18] Say's later years were marked by declining health from overwork and nervous apoplexy. Following the death of his wife in January 1830, his condition worsened. He died in Paris on November 15, 1832, at age 65.^[1]

Core Economic Theories

Say's Law of Markets

Jean-Baptiste Say articulated the principle now known as Say's Law in his Traité d'économie politique (1803), stating that "a product is no sooner created, than it, from that very moment, affords a market for other products."^[19] This formulation underscores that the act of production inherently generates the purchasing power required to acquire other goods, establishing an equivalence between aggregate supply and aggregate demand.^[20] At its core, the law derives from the logic of exchange: in a pure barter system, one must supply a good to demand another, ensuring that total output matches total claims on output without systemic imbalance.^[21] Money, as a medium of exchange, merely facilitates this process without altering the underlying identity, as sellers receive claims (currency) redeemable for other products produced by society.^[22] From first principles, Say's reasoning rejects the notion of general overproduction or gluts as economy-wide phenomena, positing instead that production creates the very demand it seeks to satisfy through income generation for factors of production—labor, capital, and entrepreneurship.^[23] Empirical observation supports this by highlighting how markets clear through price adjustments: excess supply in one sector depresses prices, redirecting resources via entrepreneurial action toward unmet demands elsewhere, rather than causing persistent unemployment or idle capacity.^[24] Hoarding of money or temporary mismatches may occur but do not induce systemic deficiencies, as reduced velocity prompts deflationary adjustments that restore equilibrium without requiring external stimuli.^[25] Say's Law thus distinguishes itself from underconsumptionist views, which attribute gluts to insufficient demand from savings or wage rigidity, by emphasizing production as the origin of all demand and entrepreneurial coordination as the mechanism for aligning supplies with heterogeneous wants. Incentives for production arise endogenously: producers seek to exchange their output for desired goods, driving innovation and resource allocation without reliance on aggregate consumption levels or fiscal interventions.^[26] This causal chain prioritizes supply-side dynamics, where value emerges from utility provided in exchange, over demand-side deficiencies that presuppose unearned purchasing power.^[27]

Theory of Entrepreneurship

Jean-Baptiste Say defined the entrepreneur as a "master-agent" or "adventurer in industry" who assumes responsibility for directing production by coordinating land, labor, and capital, often using borrowed funds alongside personal judgment.^[28] In his Traité d'économie politique (first published 1803), Say portrayed this role as central to value creation, where the entrepreneur transforms raw materials into useful products by introducing innovations such as new machinery or processes that enhance efficiency and meet consumer demands.^[28] This undertaking—rooted in the French term entreprendre, meaning "to undertake"—involves foresight in assessing market opportunities and overcoming production obstacles through perseverance and acumen, thereby generating utility beyond mere replication of existing outputs.^[28]^[29] Say explicitly distinguished the entrepreneur from the capitalist, noting that while the capitalist supplies funds for a fixed interest payment without directing their use, the entrepreneur bears the operational risks and exercises discretion in resource application amid uncertain outcomes like market fluctuations or venture failures.^[28] Profit, in Say's framework, emerges not as exploitation but as compensation for this uncertainty-bearing and judgmental coordination, separate from the interest earned on capital; an individual may fulfill both roles, accruing dual rewards only if actively managing the enterprise.^[28]^[30] This separation underscores the entrepreneur's active agency in production, contrasting with passive lending and refuting notions of profit as unearned surplus from labor or capital alone.^[31] In dynamic markets, entrepreneurs drive progress by reallocating resources from lower- to higher-productivity uses based on profit signals, spurring innovation, employment, and wealth expansion rather than stagnation in equilibrium.^[28] Their alertness to discrepancies between production costs and potential demand facilitates adaptation to changing conditions, such as introducing division of labor to boost output—as illustrated by Say's example of pin manufacturing scaling from dozens to thousands daily through specialized machinery.^[28] This process aligns supply with societal needs, promoting sustained growth through voluntary exchanges and countering views that overlook human initiative in favor of mechanistic models.^[30]

Contributions to Value and Utility Theory

Jean-Baptiste Say advanced economic thought by emphasizing the role of utility in determining value, positing that a commodity's worth stems from its capacity to satisfy human wants rather than the labor expended in its production. In his Traité d'économie politique (first edition 1803), Say argued that utility forms the "primary foundation" of value, as goods derive their exchangeability from the needs they fulfill for consumers.^[32] This perspective marked a departure from purely objective measures, introducing elements of subjectivity by linking value to the perceived usefulness in satisfying desires, thereby anticipating later developments in marginal utility analysis.^[4] Say explicitly critiqued Adam Smith's labor theory of value, which tied commodity prices primarily to production costs, including labor inputs. He contended that such a view reversed causality, as labor's reward depends on the utility generated by the output, not vice versa; unproductive labor, for instance, yields no enduring value despite effort invested.^[33] Say maintained that value emerges from the consumer's evaluation of a good's serviceability relative to alternatives, integrating scarcity implicitly through market exchanges where utility drives demand.^[34] This utility-centric approach positioned Say between classical cost-based theories and emerging subjective valuations, influencing subsequent economists who refined value as derived from individual preferences.^[35] In his distribution theory, Say viewed wages, profits, and rents not as fixed shares of aggregate output but as remunerations proportional to the utility contributions of labor, capital, and land in creating marketable products. Markets, through competition, allocate these shares by aligning factor payments with the marginal utility they enable in final goods, ensuring that production factors are rewarded based on their role in enhancing consumer satisfaction.^[31] This framework reinforced Say's broader economic system, where utility maximization in production coordinates supply with demand signals, as agents produce only what promises reciprocal utility in exchange—thus integrating value theory with his law of markets to preclude systemic gluts.^[36]

Debates and Criticisms

General Glut Controversy

The general glut controversy intensified amid the economic dislocations following the Napoleonic Wars, particularly the downturns of 1819–1820 characterized by widespread unemployment and falling prices in Britain and Europe. Critics such as Thomas Robert Malthus and Jean-Charles-Léonard de Sismondi posited that excessive production across sectors could generate insufficient aggregate demand, leading to prolonged stagnation and involuntary unemployment, as observed in the postwar adjustment from wartime inflation to peacetime deflation.^[37]^[38] Jean-Baptiste Say countered these claims in his Lettres à M. Malthus sur différents sujets d'économie politique, notamment touchant les débouchés (1820), asserting that general gluts were impossible because every act of production creates a demand equivalent to its value through the income generated for factors of production—wages, profits, and rents. He argued that apparent gluts were sectoral imbalances, arising from misallocations such as overinvestment in unprofitable ventures, which markets corrected via falling prices signaling resources to shift toward consumer-preferred uses, thereby restoring equilibrium without aggregate deficiency.^[39] Say reinforced this in revisions to his Traité d'économie politique (editions post-1819), emphasizing in the chapter "Des débouchés" that supply constitutes demand, as products exchange for other products via money as a veil, precluding systemic overproduction; any observed distress stemmed from monetary rigidities or barriers to adjustment, not inherent market failure. Empirically, he invoked historical expansions of commerce, such as the growth of colonial trade in the 18th century, where increased production spurred further markets without chronic gluts, validating supply-led growth over demand-constrained pessimism.

Responses to Contemporary Critics

In 1820, Jean-Baptiste Say composed a series of five letters to Thomas Robert Malthus, published as Lettres à M. Malthus sur divers sujets d'économie politique, notamment sur les causes de la stagnation actuelle du commerce, directly refuting Malthus's Principles of Political Economy Considered with a View to Their Practical Application (1820).^[10] Say challenged Malthus's linkage of population growth to economic gluts and stagnation, asserting that voluntary savings by income earners provide the funds for productive investments, thereby generating employment and demand in a self-sustaining cycle that precludes general overproduction. He maintained that production inherently creates the purchasing power required for its absorption, with any observed stagnation attributable to monetary disruptions or sectoral misjudgments rather than inherent demand deficiencies. Say extended this critique to Jean-Charles-Léonard de Sismondi, whose Nouveaux principes d'économie politique (1819) advanced an underconsumption theory positing that industrial expansion outpaces consumer capacity, leading to crises.^[40] In his letters to Malthus and subsequent writings, Say rejected this view, arguing that apparent gluts stem from malinvestments—entrepreneurial errors in allocating resources to unviable outlets—correctable through market price signals, not from systemic underconsumption. He contended that Sismondi's emphasis on restraining production to match presumed demand ignored the dynamic role of capital accumulation in expanding outlets for goods.^[40] Say reinforced these arguments in public lectures, including free courses at the Athénée de Paris in 1819–1820 amid post-Napoleonic commercial slowdowns.^[41] Drawing on examples from French industries such as textiles and metallurgy, he demonstrated how temporary surpluses resolved via inventory liquidation, wage adjustments, and capital shifts to consumer-oriented sectors, underscoring markets' inherent resilience without need for interventionist policies.^[41] These engagements highlighted Say's reliance on observable commercial patterns to validate his rejection of glut theories favoring government stimulus.^[10]

Enduring Critiques from Keynesian Perspectives

In The General Theory of Employment, Interest, and Money (1936), John Maynard Keynes contended that Say's Law breaks down in monetary economies characterized by liquidity preference and sticky wages, resulting in equilibria with involuntary unemployment where aggregate supply exceeds effective demand.^[42] Keynes cited the Great Depression—marked by U.S. unemployment peaking at approximately 25% in 1933—as empirical validation, arguing that even nominal wage reductions of 20-30% from 1929 levels failed to clear labor markets due to deficient demand rather than overproduction.^[43]^[44] He prescribed countercyclical fiscal deficits and monetary easing to stimulate spending, positing that government intervention could escape liquidity traps where private investment falters.^[44] Classical and Austrian economists counter that apparent demand shortfalls arise from prior monetary distortions, such as artificially low interest rates inducing unsustainable investments, rather than a fundamental supply-demand disconnect inherent to Say's framework.^[45] Austrian business cycle theory, developed by Ludwig von Mises and Friedrich Hayek, critiques Keynesian aggregates for overlooking intertemporal malcoordination: credit-fueled booms misallocate resources toward long-term projects mismatched with voluntary savings, culminating in recessions that correct these errors without requiring demand stimulus.^[46] Empirical analyses support this causal emphasis, showing investment efficiency shocks—proxies for supply-side frictions—accounting for over half of U.S. postwar output and hours fluctuations, overshadowing pure demand disturbances.^[47] Post-World War II expansions further challenge Keynesian normalizations of demand management, as rapid growth in Western economies (e.g., U.S. GDP averaging 3.5% annually from 1946-1973) stemmed from productivity surges and supply reallocations, including demobilization efficiencies and technological catch-up, aligning with Say's production-driven demand generation over fiscal multipliers.^[48] Monetarist interpretations of the Depression reinforce policy-error causation, with the Federal Reserve's 33% money-supply contraction from 1929-1933 exacerbating imbalances via deflationary spirals, not irreducible demand failure.^[49] Keynesian advocacy for sustained stimulus overlooks how such interventions perpetuate distortions, as evidenced by stagflation episodes in the 1970s where demand policies amplified supply shocks from oil embargoes without resolving underlying inefficiencies.^[50]

Legacy and Modern Relevance

Influence on Free-Market Thought

Jean-Baptiste Say's Traité d'économie politique, first published in 1803, played a pivotal role in disseminating Adam Smith's principles of division of labor and free exchange across continental Europe, bridging them to subsequent liberal thinkers such as Frédéric Bastiat, who explicitly followed Say's deductive approach to universal economic laws, and John Stuart Mill, who integrated Say's emphasis on production as the source of demand into British classical economics.^[51]^[52] Say's work critiqued mercantilist remnants by arguing that trade barriers distorted natural resource allocation, thereby influencing early 19th-century free-trade advocacy against protectionist policies prevalent in post-Napoleonic Europe.^[53] The treatise's English translation by C. R. Prinsep in 1821, followed by multiple American editions through the 1820s, facilitated its uptake in the United States, where it informed critiques of tariffs and supported emerging commercial liberalism amid debates over the 1816 Tariff Act.^[54] In Europe, Say's advocacy for unrestricted commerce extended to condemnations of colonial monopolies and subsidies, aligning with broader anti-mercantilist efforts that prioritized mutual gains from trade over zero-sum export promotion.^[53]^[55] Say's framework reinforced classical liberal tenets by viewing secure property rights as the primary incentive for wealth accumulation, with entrepreneurship serving as a dynamic force to reallocate resources efficiently and counterbalance state encroachments on individual initiative.^[53]^[56] He positioned sound monetary principles—implicit in his opposition to inflationary fiat experiments like the assignats—as essential to preserving exchange value and entrepreneurial risk-taking against arbitrary fiscal interventions.^[53] Institutionally, Say's lectures at the Conservatoire des Arts et Métiers from 1817 and his professorship at the Collège de France in 1830 integrated practical business instruction into political economy curricula, influencing 19th-century European and American educational models that emphasized entrepreneurial application over abstract theory.^[57] His texts became staples in emerging commercial academies, shaping generations of merchants and policymakers toward market-oriented decision-making.^[58]

Empirical and Theoretical Assessments Today

Contemporary economists in the Austrian tradition reaffirm Say's Law, arguing it holds in economies with flexible prices, wages, and resource allocation, where production inherently generates income flows that clear markets absent distortions like monetary expansion or rigidities. They contend that apparent general gluts stem from sectoral imbalances due to prior errors in capital structure, such as overinvestment fueled by artificial credit, rather than chronic demand shortfalls. This view contrasts with Keynesian emphasis on aggregate demand deficiencies, positing instead that supply-side incentives drive sustainable equilibrium. Empirical observations from recent crises bolster this framework: post-2020 supply chain disruptions, where bottlenecks in production and logistics constrained output, led to pent-up demand only upon capacity restoration, with global trade volumes rebounding 10.4% in 2021 as supplies normalized, demonstrating production's role in enabling consumption rather than vice versa. Similarly, productivity surges in technology sectors have preceded demand expansions, as innovations in semiconductors and software generated new markets and incomes, contributing to U.S. GDP growth averaging 2.5% annually from 2010-2019 despite uneven stimulus efforts.^[59]^[25] Keynesian critiques face challenges from historical data, notably the 1970s stagflation, where U.S. unemployment peaked at 9% alongside inflation exceeding 13% in 1979, defying models predicting demand boosts would trade inflation for employment; instead, expansionary policies amplified price pressures without output gains, highlighting failures in demand-focused paradigms to account for supply-side shocks like oil embargoes. Modern analyses of growth episodes confirm production-led dynamics, with econometric studies showing productivity improvements Granger-causing consumption rises across OECD nations from 1960-2020.^[60] In policy applications, Say's principles favor deregulation to unleash entrepreneurship over fiscal stimulus, evidenced by U.S. airline deregulation in 1978 yielding 20-30% real price drops and traffic growth tripling by 1990, and recent cross-country regressions linking a 10% regulatory cut to 0.5-1% higher GDP growth. Entrepreneurial hubs like Israel, with low barriers to entry, have sustained 4%+ annual growth since 2010 via startup booms, underscoring supply-oriented reforms' efficacy in fostering causal chains from production to prosperity.^[61]^[62]

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Thus Say's law, that the aggregate demand price of output as a whole is equal to its aggregate supply price for all volumes of output, is equivalent to the ...<|separator|>
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[PDF] wages and keynes: lessons from the past - daniel jb mitchell
Keynes noted that money wages fell during the depression and yet unemploy- ment grew. Thus, even when nominal wage cuts occur, they do not alleviate ...
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Keynesian Economics - Econlib
Keynesians do not think that the typical level of unemployment is ideal—partly because unemployment is subject to the caprice of aggregate demand, and partly ...
[45]
[PDF] The Austrian Theory of Business Cycles: Old Lessons for Modern ...
The Austrian theory claims credit creation causes investment to exceed saving, creating a mismatch that leads to recession. Monetary intervention causes ...
[46]
THE AUSTRIAN THEORY OF THE BUSINESS CYCLE
The Austrians focus on capital markets in their analysis of business cycles while rival schools do not. This much is easily established. But what sort of a ...
[47]
[PDF] Investment Shocks and Business Cycles - Northwestern University
Labor supply shocks are irrelevant over the business cycle, although they dominate the fluctuations of hours at very low frequencies.<|separator|>
[48]
ECON 272 Notes on Say's Law, Productivity and Supply Side ...
Those economists who believe in Say's Law believe that productivity drives economic growth. Those who follow Keynesian economics believe that spending drives ...
[49]
Say's Law versus Keynesian Economics - The Daily Economy
Feb 9, 2020 · In his 1936 text, Keynes falsely attributed the Great Depression and mass unemployment to a prior period of “over-production” (in the 1920s).
[50]
The scars of supply shocks: Implications for monetary policy
In our framework, supply shocks drive down the return to investment, by reducing firms' market size and their profits, and by increasing firms' cost of funds.
[51]
[PDF] Bastiat as an Economist - Independent Institute
Mar 7, 2015 · Bastiat follows Jean-Baptiste Say, who defended the existence of universal laws in political economy, deductive in nature and empirically ...Missing: influence | Show results with:influence
[52]
The Life and Ideas of Jean-Baptiste Say: The Greatest French ...
Jan 5, 2019 · Mill was the first economist in Britain to promulgate Say's Law (also known as the "Law of the Market"). The French economist was a staunch ...
[53]
Jean-Baptiste Say and His Timeless Law of Markets - FEE.org
Jul 6, 2017 · Say was a strong advocate of free markets and freedom of trade and an often sharp critic of various forms of government regulation and control of commerce and ...Missing: contemporary | Show results with:contemporary
[54]
A Treatise on Political Economy - 1st Edition - Jean-Baptiste Say - Ro
Free deliverySay is without doubt a luminary of classical economics. He single-handedly revived the study of political economy from its decline and kept it alive.<|control11|><|separator|>
[55]
https://fraser.stlouisfed.org/files/docs/publications/frbdal_ei/frbdal_ei_2006_no1.pdf
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The Basic Truths of Saysian Economics and Their Contemporary ...
Jul 1, 2020 · Salsman extols the enduring relevance of Jean Baptiste Say's political economy, emphasizing private property, production, entrepreneurship, ...Missing: alignment | Show results with:alignment
[57]
Why Business Schools Exist: On the Intellectual Origins of Business ...
Sep 15, 2015 · I will particularly focus on the role of political economist Jean-Baptiste Say and his protégé Jérôme-Adolphe Blanqui. It was their inclusion of ...
[58]
Jean-Baptiste Say and Political Economy | Cairn.info
In a word, the argument is that individuals who master political economy have a better knowledge of their interests and are therefore able to make the best ...
[59]
The role of supply and demand in the post-pandemic recovery in the ...
This article assesses the factors that caused the sharp decline in economic activity in the euro area in 2020 and shaped the subsequent economic recovery.Missing: creates evidence
[60]
Stagflation: Can It Happen Again? - AIER
Nov 23, 2018 · According to the Keynesian doctrine, the economy can be either in a deflationary or an inflationary gap but not in both states at the same time.Missing: refutation | Show results with:refutation
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How Deregulation Spurs Growth | NBER
The analysis demonstrates a significantly positive impact of deregulation on investment in the transport, communications, and utility industries; it is robust ...
[62]
Reducing Regulations Produces Strong Economic Growth Responses
Feb 19, 2025 · This paper presents statistical evidence that reducing regulations is associated with positive and significant gains in economic growth.