Top places to travel on a budget for 2, 1987). CHRIS PAPAGEORGIOU LOUISIANA STATE UNIVERSITY Say’s Law IN CONTEMPORARY discussions, Say’s Law of Markets, or simply Say’s Law, usually refers to the concept that the production of goods or services automatically constitutes demand for a bundle of goods or services of equal market value. Thus, in aggregate, demand will always be just sufficient to absorb all production, regardless of the volume of output. Sometimes understood as a condition that holds identically at each point in time, and sometimes as the inevitable outcome of equilibrating forces, under either interpretation, it is usually summarized, following John Maynard KEYNES (1936), as the proposition that SUPPLY creates its own DEMAND. The rationale behind Say’s Law, named for the classical French economist Jean Baptiste Say, is most easily presented in the setting of a one-period BARTER economy. In a barter economy, it is argued, Say’s Law holds identically. A shoemaker, for example, may produce shoes either for himself or to exchange for other commodities. Top places to travel on a budget 2016.
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