Say’s Law. Monetary demand and real demand; why only more production and supply can increase real demand. Say’s Law and the harmony of long-run self-interests. Say’s Law and the impossibility of a general overproduction; why falling prices caused by increased production do not represent deflation.

READINGS

  • Reisman: pp. 559–599
  • Optional: James Mill, “Consumption” and “Of the National Debt” in Supplementary Readings in Macroeconomics
  • [James Mill, Commerce Defended, reprinted in James Mill Selected Economic Writings]; Optional: Samuelson, Chapter 12

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