I’m an Austrian who just read “Debunking Economics” (the 2011 version) by Steve Keen (Keynesian). I think it’s a great book overall (its focus is on criticizing neoclassical economics). In his book he critiques Say’s Law. I’m curious what y’all make of Keen’s critique and the “law” itself. He talks…

how is this a “problem” in an objective sense? They must be producing tons of silver bars a year, but I the consumer do not have the money to purchase them! Oh no Say lied! If they were producing fewer goods, they would cost even more and even fewer consumers would be able to purchase them. Now how…

That’s why Keynes worked so hard and lied so much to undermine Say’s Law. I think this is an important point to be made. The arguments against Say’s Law by Keynes (and the Keynesians of most stripes who followed him) offer it in a misconstrued version; I have my doubts that Sismondi and Malthus w…

FOTH, I. Will turn up the politeness so we can continue comfortably. TY for the compliments. II. Granted you did not say all of his conclusions are wrong. You merely said “This is helping me see why Austrian Economics is often so confused.” Not wrong conclusions, but “confused” conclusions. Not a…

Lemme see if I got the thrust of Keen’s critique: ’ It’s possible for there to be a “general slump” if enough people decide to not buy what people are selling. In other words, if enough people decide to live like Luddites, then there will be a huge painful transition as many workers have to find ot…

A lot was covered in that thread. Some of the topics were indeed related to the link I’ve provided above.

TY, Esuric, for the link. The key line that supposedly refutes Say’s Law is this, I presume: [T]the quantity of money people desire to hold does not always just equal the quantity they possess. Equality of the two is an equilibrium condition, not an identity. Only in… monetary equilibrium are they…

Nice work, myhuman. Time to reread that thread. When I look back on my past stuff, I am sometimes surprised at how much more I knew then than now, and sometimes surprised at the opposite.

II. Granted you did not say all of his conclusions are wrong. You merely said “This is helping me see why Austrian Economics is often so confused.” Not wrong conclusions, but “confused” conclusions. Not always, but “often”. And why? Because “the Austrian definition differs from the one used in th…

Critique of Say's Law

Economics Economics Questions

myhumangetsme March 11, 2012, 7:45pm 15

http://marginalrevolution.com/marginalrevolution/2009/09/leland-yeager-on-says-law.html

So in other words, last year’s argument rehashed?

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Critique of Say's Law

http://marginalrevolution.com/marginalrevolution/2009/09/leland-yeager-on-says-law.html

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