Asked by
Sicheng Zhang
on Nov 30, 2024Verified
Adherents of Say's law maintained that
A) demand created its own supply.
B) people work in order to earn income to spend on consumption.
C) people work in order to earn income to save.
D) demand is unaffected by supply.
Say's Law
A principle attributed to French economist Jean-Baptiste Say, suggesting that supply creates its own demand, meaning production inherently generates the demand for goods and services.
Consumption
The action or process of using goods and services for personal needs or desires, typically considered as a component of GDP.
- Elucidate the principles of Say's law and the grounds for its criticism by Keynesian economists.
Verified Answer
AG
Learning Objectives
- Elucidate the principles of Say's law and the grounds for its criticism by Keynesian economists.