Jean-Baptiste Say (1767-1832): between the labour theory of value and utility

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Date: July 1996
Publisher: Emerald Group Publishing, Ltd.
Document Type: Article
Length: 5,457 words

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Abstract :

Jean-Baptiste Say (1767-1872) is well-known for his concept which is known as the 'law of markets.' The concept asserts that demand is created through the availability of goods and that production is only a matter of transforming or enhancing the utility of an existing good. The law of markets also posits that commodities are created in excess of one's needs with the view of exchanging the excess for other commodities and that money is only a medium of exchange. Say's concepts are an offshoot of his critique of Adam Smith's economic theories.

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Gale Document Number: GALE|A18685654