| Per Bylund explains the many contributions of Jean-Baptiste Say (1767-1832), a precursor to the Austrian school of economics. Today, Say is most well known for his “law of markets” which is now referred to simply as “Say’s Law.” Often misstated as “supply creates its own demand,” the law is that we produce and supply to the market in order that we may demand other goods in exchange. Production, therefore, is an indirect means to attain the goods and services we desire to meet our needs.
Say also made contributions in the theory of money, including how it emerges spontaneously, and why the commodity serving as a medium of exchange needs characteristics of durability, divisibility, and high value per unit, with the choice of commodity should be left to consumer preferences. Other highlights include his distinction between banks of deposit and banks of circulation. Playlist link for complete “Who Is?” series: http://tinyurl.com/y86u5f7p Links to selected online writings on Austrian Economics: Human Action: A Treatise on Economics Man, Economy, and State: A Treatise on Economics Economic Thought Before Adam Smith: An Austrian Perspective on the History of Economic Thought, Vol. I Classical Economics: An Austrian Perspective on the History of Economic Thought, Vol. II The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions Theory and History: An Interpretation of Social and Economic Evolution The Austrian Theory of the Trade Cycle and Other Essays The Failure of the “New Economics” Mises: The Last Knight of Liberalism Ludwig von Mises: Scholar, Creator, Hero Friedrich A. Hayek: A Centenary Appreciation Henry Hazlitt: A Man for Many Seasons Murray Rothbard: Mises’s True Heir Frédéric Bastiat: Champion of Laissez-faire The Genius of Carl Menger The Life and Works of Böhm-Bawerk Why Austrian Economics Matters Mises and Austrian Economics: A Personal View Ludwig von Mises and the Austrian School of Economics Mises, Hayek, and the Market Process: An Introduction Praxeology: The Methodology of Austrian Economics The Ultimate Foundation of Economic Science Interventionism: An Economic Analysis Nation, State, and Economy The Anti-Capitalistic Mentality Socialism: An Economic and Sociological Analysis Economic Freedom and Interventionism Historical Setting of the Austrian School of Economics The Philosophical Origins of Austrian Economics Capitalism: A Treatise on Economics The Gold Standard: Perspectives in the Austrian School The Place of Human Action in the Development of Modern Economic Thought Economic Science and the Austrian Method Austrian Macroeconomics Philosophical and Ethical Implications of Austrian Economics The Austrian Theory of Money The Austrian School’s Critique of Marxism Methodology of the Austrian School Economists Classical Liberalism and the Austrian School The Positive Theory of Capital Principles of Economics The Free Market and Its Enemies Government Against the Economy Individualism and Economic Order * * * * * Audio presentation produced by the Ludwig von Mises Institute and licensed under Creative Commons Attribution-NonCommercial-NoDerivs 4.0 International License. http://creativecommons.org/licenses/by-nc-nd/4.0/ This YouTube channel is in no way endorsed by or affiliated with the Mises Institute, any of its scholars or staff members. |
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