Jean baptiste say biography of rory
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Nowhere is Say's radicalism more evident than in his critique of government intervention into the economy.
The magic question here, with cutting prices in the deflation of a growing economy but inability to cut wages to the same degree, is this what is going to restore the profit margin? The subsequent development of general equilibrium economics owes much to Say's contribution. Thus he supported the laissez-faire position of Adam Smith, stating that overproduction in one market will naturally return to balance without government interference as the producer will either adjust production to different items or adjust prices until the goods sell.
And Say asks for low taxes and balanced budgets to finance the necessary legal and institutional framework of the market economy, always leaving citizens and their children enough of the fruits of their industry. Those desires and the preferences, expectations, and customs that lie behind them must be taken as givens, as data, by the analyst.
The answer according to Say is “greater productivity.” If the workers with higher real wages produce proportionally more for those wages, then the balance of revenue and expenses will be restored (Say 1803). Jean-Baptiste Say is the 27th most popular economist (down from 19th in 2024), the 493rd most popular biography from France (down from 407th in 2019) and the 4th most popular French Economist.
Jean-Baptiste Say is most famous for his law of markets, which states that supply creates its own demand.
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Among ECONOMISTS
Among economists, Jean-Baptiste Say ranks 27 out of 414.
"Sur la balance des consommations avec les productions" in Revue Encyclopédique.
Before him are William F. Sharpe, Jan Tinbergen, Robert Lucas Jr., Ragnar Frisch, Paul Samuelson, and Alexander Hamilton. He later worked under Mirabeau on the Courrier de Provence.
From 1794 to 1800 Say edited a periodical entitled La Décade philosophique, litteraire, et politique, in which he expounded the doctrines of Adam Smith.
He asks for security of private property, free prices, and competition on open markets as sustainable incentives for entrepreneurs to discover better solutions to new and old problems, to signal entrepreneurs correctly what people demand: what to produce, how, where, and when.
The reason why real wages would rise as nominal wages fell may be sketched by a simple consideration.
Say’s Law
Say's law says “the supply (sale) of X creates the demand (purchase) of Y.” This law can be shown by business-cycle statistics.
For Say, the foundation of value is utility, or the capacity of a good or service to satisfy some human desire. His Traité d’économie politique was translated into English and used as a textbook in England and the United States.
1828-1829. Prices will remain stable or even increase (inflation) if the money supply grows as fast or faster than production. Cours complet d´economie politique pratique.
That is called "deflation," and it is what happened in the United States from the end of the Civil War until 1896, while the United States grew to have the largest economy in the world.
Say's first literary attempt was a pamphlet on the liberty of the press, published in 1789.