Crises in the economy in the interpretationof Jean-Baptiste Say Cover Image

Kryzysy w gospodarce w interpretacji Jeana-Baptiste’a Saya
Crises in the economy in the interpretationof Jean-Baptiste Say

Author(s): Renata Pęciak
Subject(s): Economy
Published by: Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Keywords: Jean-Baptiste Say; classical economics; crisis; law of markets

Summary/Abstract: The idea of the law of markets created by Jean-Baptiste Say determined the direction of views not only for classical economics but also for later neoclassical economics. According to Say the issues of overproduction and crises are the essence of market mechanism, which interpretation is closely connected with the law of markets. As the supporter of economic freedom and not limited market operation Say declared the impossibility of overproduction and crises appearance in the economy. He did not deny the possibility of imbalance in sectors or branches but looking for crisis reasons outside the economic system he found them in the external shocks. The main aim of the article is to show the issues of crisis and economic growth in the interpretation of French classic of economics.

  • Issue Year: 2013
  • Issue No: 305
  • Page Range: 573-583
  • Page Count: 11
  • Language: Polish