Monthly Archives: November 2016

Say What, Production Opens a Demand for Products?

“I shall suggest that, fairly interpreted, Say’s law of markets survives as the most fundamental economic law in all economic theory.” – William H. Hutt [1]   More than two centuries ago, a tremendously important economic principle was brought to prominence. This principle today goes by the name Say’s Law, or Say’s Law of Markets. It is named after the writings of Jean-Babtiste Say especially in his second edition of A Treatise on Political Economy published in 1814 (first edition published in 1803). [2] In the chapter that developed the concept of what would later…