Definition
Jean-Baptiste Say was a French economist and businessman. He had classically liberal views and argued in favor of competition, free trade, and lifting restraints on business. He is best known for 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.
Jean-Baptiste Say
What is ‘Jean-Baptiste Say’
A French classical, liberal economist and scholar. Jean-Baptiste Say is known for his contribution to Say’s Law of Markets and for his work on “A Treatise On Political Economy”. Say was born in 1767, taught political economy in France at Conservatoire National des Arts et Metiers, and later at the College de France.
Explaining ‘Jean-Baptiste Say’
Say’s Law roughly says that the economy is self-regulating so production is the source of demand but has been interpreted in many ways and is frequently misunderstood to mean “supply creates its own demand”. Another famous economist, John Maynard Keynes, criticized his law. Say was heavily influenced by Adam Smith and promoted the laissez-faire philosophy. His contemporaries include Thomas Malthus and David Ricardo.
Further Reading
- Jean-Baptiste Say, The Father of Austrian Public Finance: Views on Taxation – link.springer.com [PDF]
- Jean-Baptiste Say: the project" For a monetary reform in David Ricardo's style" – www.jstor.org [PDF]
- Jean-Baptiste Say: Écrits sur la monnaie, la banque et la finance – www.theses.fr [PDF]
- Why does Jean-Baptiste Say think economics is worth studying? – www.tandfonline.com [PDF]
- Why is money important in Jean-Baptiste Say's analysis? – www.tandfonline.com [PDF]
