KEYNES, MILL, AND SAY’S LAW: A COMMENT ON ROY GRIEVE’S MISTAKEN CRITICISMS OF MILL

James C. W. Ahiakpor

Journal of the History of Economic Thought, 2018, vol. 40, issue 2, 267-273

Abstract: Employing different meanings of classical concepts of saving, capital, investment, and money, and incorrectly attributing the assumption of full employment of labor and a world of certainty to classical analysis, John Maynard Keynes ([1936] 1974) faulted Say’s Law as irrelevant to the real world. Roy Grieve (2016) ignores previous clarifications of Keynes’s misrepresentations and misunderstandings of John Stuart Mill’s restatements of the law. He employs similar misrepresentations and misunderstandings of Mill’s explanations as Keynes did. His model of Mill’s analysis is incapable of explaining how variations in relative prices, the value of money, and interest rates coordinate production, consumption, and savings decisions in a monetary economy.

Date: 2018
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