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Jean-Baptiste Say

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Jean-Baptiste Say (French: [ʒãbatist sɛ]; 5 January 1767 – 15 November 1832) was a French economist and businessman. He had classically liberal views and argued in favor of competition, free trade, and lifting restraints on business. "Say was one of the first economists to realize that the value of a good derives from its utility to its user—not from the labour used to produce it." [1]

He is best known for the incorrect notion of Say's Law, also known as the law of markets, which he popularized. Scholars disagree on the surprisingly subtle question of whether it was Say who first stated what we now call Say's Law.

Say's theories were superseded by Keynesian economics which understands the real world better.

ReferencesEdit

  1. J.-B.-Say

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