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

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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