Jean-Baptiste Say et la question des débouchés

Alain Beraud

Working Papers from HAL

Abstract: Say has shown that there is no amount of capital which may not be employed in a country. Such a proposal does not involve the absence of unemployment and crisis. The markets may be glutted. In his first writings, Say advanced that whenever there is a superabundance of several sorts of merchandise, it is because other articles are not produced. People have bought less, because they have made less profit. Disequilibrium in some markets may limit the global demand for goods. Later, he will explain the commercial crises by the abuses of the banks of circulation who, to discount the bills of their customers, issue excessive quantities of notes. The value of the money decreased; the individuals who held notes asked for the payment in species and banks noticing the decrease of their reserves restricted their credits so provoking a crisis.

Keywords: gluts; quantity theory of money; commercial crisis; Say; débouchés; théorie quantitative de la monnaie; crises commerciales (search for similar items in EconPapers)
Date: 2014-04-29
New Economics Papers: this item is included in nep-his and nep-hpe
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