Jean-Baptiste Say

AAA

DEFINITION of 'Jean-Baptiste Say'

A French classical, liberal economist and scholar. Jean-Baptiste Say is known for his contribution to Say's Law of Markets and for his work on "A Treatise On Political Economy". Say was born in 1767, taught political economy in France at Conservatoire National des Arts et Metiers, and later at the College de France.

INVESTOPEDIA EXPLAINS 'Jean-Baptiste Say'

Say's Law roughly says that the economy is self-regulating so production is the source of demand but has been interpreted in many ways and is frequently misunderstood to mean "supply creates its own demand". Another famous economist, John Maynard Keynes, criticized his law. Say was heavily influenced by Adam Smith and promoted the laissez-faire philosophy. His contemporaries include Thomas Malthus and David Ricardo.


RELATED TERMS
  1. Keynesian Economics

    An economic theory of total spending in the economy and its effects ...
  2. Thomas Malthus

    An 18th-century British philosopher and economist famous for ...
  3. Sanford J. Grossman

    An American economist and CEO of the hedge fund Quantitative ...
  4. Economist

    An expert who studies the relationship between a society's resources ...
  5. Invisible Hand

    A term coined by economist Adam Smith in his 1776 book "An Inquiry ...
  6. Macroeconomics

    The field of economics that studies the behavior of the aggregate ...
Related Articles
  1. A Practical Look At Microeconomics
    Economics

    A Practical Look At Microeconomics

  2. Can Keynesian Economics Reduce Boom-Bust ...
    Bonds & Fixed Income

    Can Keynesian Economics Reduce Boom-Bust ...

  3. Giants Of Finance: John Maynard Keynes ...
    Active Trading

    Giants Of Finance: John Maynard Keynes ...

  4. How A Limited Government Affects A Country's ...
    Economics

    How A Limited Government Affects A Country's ...

Hot Definitions
  1. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  2. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  3. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
  4. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
  5. Accelerated Depreciation

    Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years ...
  6. Call Risk

    The risk, faced by a holder of a callable bond, that a bond issuer will take advantage of the callable bond feature and redeem ...
Trading Center