Mill, McCracken and the modern interpretation of Say's Law

Kates, S 2007, 'Mill, McCracken and the modern interpretation of Say's Law', History of Economics Review, no. 46, pp. 32-38.


Document type: Journal Article
Collection: Journal Articles

Title Mill, McCracken and the modern interpretation of Say's Law
Author(s) Kates, S
Year 2007
Journal name History of Economics Review
Issue number 46
Start page 32
End page 38
Total pages 6
Publisher History of Economic Thought Society of Australia
Abstract This article deals with three overlapping issues. The first is the enormous role played by the American economist, Harlan McCracken, in the development of the ideas underlying the General Theory and in particular his role as the source of the phrase 'supply creates its own demand'. The paper then looks at the genealogy of this phrase, beginning with John Stuart Mill, and tracing its evolution from Mill to James Bonar to McCracken and then on to Keynes. Finally, the article looks at John Smart Mill's own short statement on Say's Law, which has been overlooked in the economic literature until now. Mill's short statement is used to develop a proper understanding of the law of markets, demonstrating, amongst other things, the inadequacies of the phrase 'supply creates its own demand' as a proper definition of this crucial classical concept.
Subject Economic Theory not elsewhere classified
Keyword(s) economic theory
supply and demand
Copyright notice © History of Economic Thought Society of Australia
ISSN 1037-0196
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