Document Type

Article

Journal/Book Title/Conference

Economics Research Institute Study Paper

Volume

96

Issue

10

Publisher

Utah State University Department of Economics

Publication Date

1996

Rights

Copyright for this work is held by the author. Transmission or reproduction of materials protected by copyright beyond that allowed by fair use requires the written permission of the copyright owners. Works not in the public domain cannot be commercially exploited without permission of the copyright owner. Responsibility for any use rests exclusively with the user. For more information contact the Institutional Repository Librarian at digitalcommons@usu.edu.

First Page

1

Last Page

27

Abstract

Supply creates its own demand. So reads the common, terse rendering of Say's Law of Markets. With such philosophical abbreviations, it can be of little wonder why the economic logic contained in the Law of Markets has been misunderstood, disparaged, and completely disavowed by the majority of economists for the past five decades. Adherents, as well as detractors, seemingly have not understood it. An example of recent vintage is George Gilder, a neoconservative "economic theorist" who, in confusion, found John Kenneth Galbraith rediscovering Say's Law-business creates consumer desires, hence, consumer demand. Joseph Schumpeter even made the claim that J.-B. Say "hardly understood his discovery himself."

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