Say’s Law tells us that whatever thing produced has been produced for the purpose of consumption, either by the producer of the good or another person via exchange. The problem is when it comes to labor. Babies are not made for economic purposes. Like in Asia there is overpopulation and a lot of those people’s labor may not be valued or valued very little. Massive unemployment could result. How does Say’s Law deal with this or does it at all?
Do the “extra” people not want to consume?
How are places in Asia or anywhere else “Over Populated”? This is a statist term. With a free or even mostly free marketplace, no place is over or under populated. Consumers will always regulate production to deliver the products most desired. So consumers in heavily populated areas will buy things that satisfy them or if they desire, move to a less populated place. It is only governments messing up this optimal situation through force.
Man’s demand for goods and services will never cease. It’s a mistake to think that there is a certain amount of work to be done, beyond which every additional person in society would be unnecessary, and then they would unavoidably face unemployment. As it has been said, “overpopulation” is a statist term.
In a free market, more people is more wealth.
For bureaucrats, however, it’s a perfect excuse for claiming control over everyone’s else properties.
Actually, in agrarian economies, babies are indeed made for economic purposes, primarily as labor sources for the family farm. Historically, as economies have evolved from agrarian to industrial bases, there have been corresponding increases in standards of living. Those two factors combined are primary drivers for gradual reductions in birth rates over time.
Humans aren’t produced for the purpose of consumption. The labor that humans produce is produced for the purpose of consumption. In any case, the lesson of Say’s law is that you will find a buyer for anything at a low enough price. So involuntary unemployment would be non-existent if wages and prices would be allowed to adjust to supply and demand.