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Rehabilitation of Say's Law - Digital Book

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Under a free market, there will be no systemic gluts or shortages absent government intervention.
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This professionally prepared ebook is an electronic edition of the book that is designed for reading on digital readers like Nook, Kindle, iPad, Sony Reader, and other products including iPhone and Android smart phones. The text reflows depending on your font preferences and it contains links from navigation.

With A Rehabilitation of Say's Law, Professor William H. Hutt produced a magnificent work that Austrians would love to claim as one of their own, but that Hutt himself viewed as thoroughly classical in nature. The topic addressed here is Say's law: the view that macroeconomic activity tends toward stability — which is to say, under a free market there will be no systemic gluts or shortages absent government intervention.

J.M. Keynes considered the foundation of his own work his refutation of Say's law, for which (according to Hutt) he coined the phrase "supply creates its own demand." Hutt formulates the law, which he says is fundamental to all economic thinking, that "all power to demand is derived from production and supply." Hutt argues that there is no inherent flaw in the market that leads it to provide a deficiency in aggregate demand, contrary to what Keynes claimed.

Hutt's argument is that Say's law must be completely restored before the root of the Keynesian error can be seen and understood.

This book was originally published in 1974 and appears again in this edition for the first time.

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ISBN 9781610160957
eISBN 9781610163507
Publication Date [1974] 2007
Page Length 160

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