Say's Law and the Business Cycles

Xianming Meng
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Xianming Meng: School of Economics, University of New England

Annals of Economics and Finance, 2006, vol. 7, issue 2, 295-319

Abstract: The relationship between Say's Law and the business cycle has been vigorously debated but no generally accepted agreement has yet been reached. Although this is a disputed topic, revisiting it anew could further develop economic theory, and enhance the further growth of the global economy. By scrutinising Say¡¯s Law, and its implicit business cycle theories, this paper claims that general gluts are possible, and that the essence of the business cycle is in innovation scarcity. Thus in order to reduce the effects of the business cycle and spur economic growth, a thorough revision of patent laws is necessary.

Keywords: Say's law; Innovation; Business cycle; Patent (search for similar items in EconPapers)
JEL-codes: E19 E32 (search for similar items in EconPapers)
Date: 2006
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