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Jean-Baptiste Say - Critical Assessments of Leading Economists (Hardcover, illustrated edition)
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Jean-Baptiste Say - Critical Assessments of Leading Economists (Hardcover, illustrated edition)
Series: Critical Assessments of Leading Economists
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Although Jean-Baptiste Say (1767-1832) is remembered primarily for
"Say's Law", one of the cornerstones of classical economics, he was
also an early proponent of the utility theory of value, and was
therefore very much at odds with his classical contemporaries, to
whom labour was the source of value. Say's best-known work, his
"Traite d'economie politique" was intended as a shorter and more
systematic presentation of economics than Adam Smith's "Wealth of
Nations". The success of this book (printed in 5 editions) made Say
the best-known expositor of Smith in Europe and America, and he
became France's first professor of political economy. Much
controversy has surrounded the question of Say's originality in
developing the principle (that supply creates its own demand - the
doctrine ultimately named "Say's Law"). Claims have been made for
James Mill as the real author of "Say's Law", but Mill was only the
first of many to reformulate and elaborate what Say had done. Say
never resolved his differences with Ricardo as to whether value was
based on labour or utility, but in correspondence with Sismondi and
Malthus he came ultimately to reconcile "Say's Law" with their
theories of aggrega
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