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Say's law

LC control no.sh2005001083
Topical headingSay's law
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See alsoEquilibrium (Economics)
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Supply and demand
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Found inWork cat.: Two hundred years of Say's law, 2003.
An eponymous dictionary of economics, c2004 (Say's law. The elements of Say's law are as follows: 1. Money only facilitates barter and changes nothing in the real world. 2. Savings are always invested and spent. 3. Saving rather than consumption is the source of economic growth. Leon Walras in 1874 gave a more complete formulation of Say's law: as a consquence of basic interrelatons among individuals in a general equilibrium system, the sum of the value of excess demands must be zero)
Shim, J.K. Dictionary of economics, c1995 (Say's law. An assertion made by the French economist Jean Baptiste Say that supply creates its own demand. That is, the total demand for goods and services must equal the total value of goods and services produced. Under this law no overproduction is possible, and thus the economy would automatically tend toward full employment equilibrium without a government interface)