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Discuss Keynes's critique of Say's law.
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Essay on history of economic thought ZhiyuWan Title: discuss Keynes's critique of Say's law Say's Law" is often defined as "supply creates its own demand," which means that everything produced can be sold and sold at a price that will cover the costs of producing it - and that every labourer is worthy of his hire, and wanting it, will find himself hired. The Say's law has been very influential, but is still controversy. According to Say's law, Keynes said that there can never be a shortage of aggregate demand, full employment always guaranteed. But does it tell the whole story? In this essay I will discuss Keynes's critique of Say's law. First of all, let us look at the Say's law in more details. In a barter economy where trade through exchanging good for good. For Walras's law, for each individual, the value of supply should equal to the value of goods...
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