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Jean-Baptiste Say (French: [ʒɑ̃batist sɛ]; 5 January 1767 – 15 November 1832) was a liberal French economist and businessman who argued in favor of competition, free trade and lifting restraints on business.
Say, Jean-Baptiste (1821). Letters to Mr. Malthus. London: Sherwood, Neely, and Jones. This is an English translation of Say's Lettres à M. Malthus sur l'économie politique et la stagnation du commerce, published in 1820. Say, Jean-Baptiste (1834). A Treatise on Political Economy (sixth American ed.). Philadelphia: Grigg & Elliott.
The sixth edition, published in 1846, with Say's final corrections, was edited by Say's eldest son, Horace Émile Say, an economist himself. Political Economy was translated into English "from the 4th edition of the French" by C. R. Prinsep (1821), into German by Ludwig Heinrich von Jakob (1807) and by C. Ed. Morstadt (1818 and 1830), and ...
Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand).
Jean-Baptiste Say (1767–1832) was a Frenchman born in Lyon who helped popularize Adam Smith's work in France. [65] His book A Treatise on Political Economy (1803) contained a brief passage, which later became orthodoxy in political economics until the Great Depression, now known as Say's law of markets.
Traditionally, it is Jean-Baptiste Say who is credited for coining the word and advancing the concept of the entrepreneur, but in fact it was Cantillon who first introduced the term in Essai. [6] [76] Cantillon divided society into two principal classes—fixed income wage-earners and non-fixed income earners. [77]
The theory of imputation is based on the so-called theory of factors of production proposed by the French economist Jean-Baptiste Say and elaborated by the American economist John Bates Clark in his work The Distribution of Wealth (1899; Russian translation, 1934).
Supply creates its own demand" is a formulation of Say's law. The rejection of this doctrine is a central component of The General Theory of Employment, Interest and Money (1936) and a central tenet of Keynesian economics. See Principle of effective demand, which is an affirmative form of the negation of Say's law.