BEYOND SAYâ€™S LAW: THE SIGNIFICANCE OF J.-B. SAYâ€™S MONETARY VIEWS
BÃ©raud, Alain and
Authors registered in the RePEc Author Service: Alain Beraud ()
Journal of the History of Economic Thought, 2018, vol. 40, issue 2, 217-241
Jean-Baptiste Sayâ€™s notion of dÃ©bouchÃ©s has not been correctly understood, due to the lack of proper context within the framework of his broader political economy. We revisit Sayâ€™s writings on this topic, retrace the conceptâ€™s evolution, and lay out a framework that better illustrates the essence of Sayâ€™s thinking. We argue that Sayâ€™s theories on money and economic crises are much richer and more sophisticated than the traditional interpretation of Sayâ€™s Law would suggest. Say himself acknowledged that his monetary theory contradicted his initial articulations of the law, a point often missed by contemporary observers. This essay paints a more complete picture of Sayâ€™s work, showing how monetary changes could, under his framework, affect real variables. In so doing, it cuts against the many simplistic interpretations that pervade the existing literature on the subject.
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jhisec:v:40:y:2018:i:02:p:217-241_00
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