Say's Law Of Markets

Say's Law Of Markets
An economic rule that says that production is the source of demand. According to Say's Law, when an individual produces a product or service, he or she gets paid for that work, and is then able to use that pay to demand other goods and services.

Say’s Law is named after the 18th-century French classical liberal economist Jean-Baptiste Say, who popularized the notion. Say was an advocate of laissez-faire economics and was heavily influenced by Adam Smith.

Say’s Law is frequently misinterpreted as “supply creates its own demand,” which is evidently false. If it were true, anyone could do whatever they wanted for a living and be successful at it.

Investment dictionary. . 2012.

Look at other dictionaries:

  • Say's law — In economics, Say’s Law or Say’s Law of Markets is a principle attributed to French businessman and economist Jean Baptiste Say (1767 1832) stating that there can be no demand without supply. A central element of Say s Law is that recession does… …   Wikipedia

  • Say, J.-B — ▪ French economist in full  Jean Baptiste Say  born January 5, 1767, Lyon, France died November 15, 1832, Paris  French economist, best known for his law of markets (market), which postulates that supply creates its own demand.       After… …   Universalium

  • Say, J(ean)-B(aptiste) — born Jan. 5, 1767, Lyon, France died Nov. 15, 1832, Paris French economist. He edited a magazine and started a spinning mill before joining the faculty of the Conservatory of Arts and Crafts (1817–30) and the Collège de France (1830–32). In his… …   Universalium

  • Law — [From Old English lagu something laid down or fixed ; legal comes from Latin legalis , from lex law , statute ( [ searchmode=none Law] , Online Etymology Dictionary; [http://www.merriam… …   Wikipedia

  • Law of value — The law of value is a concept in Karl Marx s critique of political economy. Most generally, it refers to a regulative principle of the economic exchange of the products of human work: the relative exchange values of those products in trade,… …   Wikipedia

  • Law firm — A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service provided by a law firm is to advise clients (individuals or corporations) about their legal rights and responsibilities, and to… …   Wikipedia

  • Law, Crime, and Law Enforcement — ▪ 2006 Introduction Trials of former heads of state, U.S. Supreme Court rulings on eminent domain and the death penalty, and high profile cases against former executives of large corporations were leading legal and criminal issues in 2005.… …   Universalium

  • Jean-Baptiste Say — (January 5, 1767 ndash; November 15, 1832) was a French economist and businessman. He had classically liberal views and argued in favour of competition, free trade and lifting restraints on business. He originated Say s law, which is often quoted …   Wikipedia

  • 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… …   Investment dictionary

  • United Kingdom company law — Beside the River Thames, the City of London is a global financial centre. Within the Square Mile, the London Stock Exchange lies at the heart of the United Kingdom s corporations. United Kingdom company law is the body of rules that concern… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.