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Alasdair Macleod: Say's Law and macroeconomic ignorance
By Alasdair Macleod
Thursday, January 19, 2023
Probably the greatest error in modern economics was the abandonment of Say’s Law, otherwise known as the law of the markets. In a nutshell, it demonstrated that through the division of labour, production is firmly linked to consumption, and the former is tied to the latter through the medium of money and credit.
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While there are variations in production outputs of individual goods, in free markets there can never be a general glut. It was this that Keynes had to disprove in order to create a role for the state, intervening to make up for the supposed deficiencies of free markets. While reasoned analysis shows that Keynes failed to disprove Say's Law, he managed to convince the mainstream establishment that he had actually succeeded.
This article traces the history of Say's Law, from Jean-Baptiste Say's original work on the subject to the present day. It shows how Keynes bent the truth about free markets, that an understanding of Say's Law explains why state intervention fails, and why prices will continue to rise in the imminent economic recession. ...
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