Heiner Flassbeck: Say’s Law and the Fundamental Failure of Economics

One would think that “experts” who pretend to understand one thing particularly well and even recommend that thing to economic policymakers would at least be able to comprehend the logical basis of what they are saying. But this has not been the case for decades with the so-called supply theorists. They like to refer to the sentence (attributed to the 19th century Frenchman Jean Baptiste Say) according to which supply creates its demand, but they have not understood the compelling logic behind this sentence until today.

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File:Jean-Baptiste Say (1767-1832).jpg

Jean-Baptiste Say

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