This provocative book examines the standing of Say's Law two
centuries after its initial statement in 1803. From the 30 year
General Glut debate at the start of the nineteenth century which
focused solely on its truth, to the Keynesian revolution and
Keynes's successful attempt to convince his fellow economists that
Say's Law was wrong, it remains the most controversial principle in
the history of economic theory. The central question - not resolved
to this day - is this: can demand deficiency ever be the cause of
recession and, if so, are greater levels of unproductive spending
an appropriate response? The thrust of the argument is that if
Say's Law is valid, much of modern macroeconomic theory is fatally
flawed. The book explores the validity of this problematic
principle, reminding us that this 200 year debate has not yet been
laid to rest. The specially commissioned papers within this volume
- by authors representing the full range of economic opinion today
- spell out where this two hundred year old debate now stands. The
book seeks to provide an understanding of the place of this
principle in the minds of economists 200 years after it was first
made explicit in the works of Jean-Baptiste Say. Providing a
spectrum of perspectives both for and against the principles
underlying Say's Law, this accessible book will be a captivating
read for economists, economic historians and non-specialists alike.
General
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