Say’s Law

With regard to economic goods there can never be absolute overproduction.

Planning for Freedom, p. 65

With regard to economic goods there can be only relative overproduction. . . . The attempts to explain the general depression of trade by referring to an allegedly general overproduction are therefore fallacious.

Planning for Freedom, p. 65

Say emerged victoriously from his polemics with Malthus and Sismondi. He proved his case, while adversaries could not prove theirs. Henceforth, during the whole rest of the nineteenth century, the acknowledgement of the truth contained in Say’s Law was the distinctive mark of an economist.

Planning for Freedom, p. 67

Keynes did not refute Say’s Law. He rejected it emotionally, but he did not advance a single tenable argument to invalidate its rationale.

Planning for Freedom, p. 70