Jean-Baptiste Say

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.

BREAKING DOWN '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. Say's Law Of Markets

    An economic rule that says that production is the source of demand. ...
  2. Classical Economics

    Classical economics refers to work done by a group of economists ...
  3. David Ricardo

    A classical economist known for his Iron Law of Wages, labor ...
  4. Political Economy

    The study and use of how economic theory and methods influences ...
  5. French Franc - F

    A currency used in France, prior to the introduction of the euro. ...
  6. John Maynard Keynes

    An author and economist who is well-known for his stance that ...
Related Articles
  1. Markets

    How Influential Economists Changed Our History

    Find out how these five groundbreaking thinkers laid our financial foundations.
  2. Professionals

    Why Companies Like Grads With a Liberal Arts Degree

    Contrary to popular belief, many companies prefer to handle candidates with liberal arts degrees since these graduates have a variety of soft skills.
  3. Markets

    Economist Guide: 5 Lessons John Maynard Keynes Teaches Us

    Read about the paradoxical and confusing world of John Maynard Keynes, including the lessons modern economists can still learn from the British thinker.
  4. Markets

    What's a Political Economy?

    Economics and politics are intrinsically linked. An economy is frequently one of the biggest points of contention between different political parties. And a political party’s ideologies will ...
  5. Markets

    Why Can't Economists Agree?

    There are many reasons why economists can be given the same data and come up with entirely different conclusions.
  6. Markets

    The History Of Economic Thought

    Economics is a vital part of every day life. Discover the major players who shaped its development.
  7. Markets

    Adam Smith: The Father Of Economics

    This free thinker promoted free trade at a time when governments controlled most commercial interests.
  8. Markets

    3 Economic Challenges France Faces in 2016

    Learn about the three most significant economic challenges facing France in 2016. How will France implement reforms to improve its GDP and reduce unemployment?
  9. Trading

    Buying Swiss Francs as a Long-Term Investment: Risks & Rewards

    Learn about the risks and rewards of investing long term in Swiss francs and the history of the Swiss franc's exchange rate against the dollar.
  10. Markets

    Can Keynesian Economics Reduce Boom-Bust Cycles?

    Learn about a British economist's proposed solution to a common economic problem.
RELATED FAQS
  1. Who coined the term "entrepreneur"?

    For one, it wasn't Adam Smith. One person strangely overlooked in Smith's free market masterpiece, The Wealth of Nations, ... Read Answer >>
  2. How do changes in aggregate demand affect output?

    Find out why aggregate demand and total output are linked in macroeconomic models, and why economists disagree about the ... Read Answer >>
  3. Why aren't economists rich?

    "If you're so smart, how come you're not rich?" is a question that economists seem to invite. If they can explain the intricacies ... Read Answer >>
  4. Why is free enterprise often associated with being politically conservative?

    Find out how conservatives and free market libertarians formed unlikely political alliances in the United States in response ... Read Answer >>
  5. What do Keynes and Freidman have to do with fiscal and monetary policy?

    Find out how John Maynard Keynes and Milton Friedman influenced how modern economists and analysts think about fiscal and ... Read Answer >>
  6. Who discovered the law of supply and demand?

    Learn how the law of supply and demand affects the economy. This important economic principle is hundreds of years old but ... Read Answer >>
Hot Definitions
  1. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
  2. Front Running

    The unethical practice of a broker trading an equity based on information from the analyst department before his or her clients ...
  3. After-Hours Trading - AHT

    Trading after regular trading hours on the major exchanges. The increasing popularity of electronic communication networks ...
  4. Omnibus Account

    An account between two futures merchants (brokers). It involves the transaction of individual accounts which are combined ...
  5. Weighted Average Life - WAL

    The average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. Once calculated, ...
  6. Real Rate Of Return

    The annual percentage return realized on an investment, which is adjusted for changes in prices due to inflation or other ...
Trading Center