Say's Lawn.

Brit.

/ˈseɪz lɔː/, U.S.

/ˈseɪz ˌlɔ/,

/ˈseɪz ˌlɑ/

Forms: also with lower-case initial in the second element.

Origin: From a proper name, combined with an English element. Etymons: proper name Say , law n.¹

Etymology: < the genitive of the name of Jean Baptiste Say (1767–1832), French economist, who propounded this principle + law n.¹

Economics.

The principle that supply creates its own demand (and that, therefore, there can never be a general glut or overproduction of goods and services in a market economy).Propounded by the French economist Jean-Baptiste Say (1767–1832) in his Traité d'économie politique (1803), the principle has been subsequently formulated in a number of different ways. It is a central principle of classical (and neoclassical) economic thought, and rejection of it is characteristic of Keynesian critiques thereof. The phrase ‘supply creates its own demand’ was originally part of Keynes's formulation (see Gen. Theory Employment (1936) 18, and cf. quot. 1936).

ΘΚΠ

society > trade and finance > trading conditions > [noun] > supply and demand or market > demand > theory of

Say's Law1878

1817 D. Ricardo Princ. Polit. Econ. xix. 401 Is the following quite consistent with M. Say's principle?]

1878 J. B. Howe Polit. Econ. Great Brit., U.S., & France 566 It is because Say's law is practically false, that a metallic currency..is absolutely necessary in order to preserve steady prices.

1911 F. M. Taylor Princ. Econ. xiii. 283 The public's demand for goods is, in the last analysis, dependent on their output of goods. (Say's Law). Only by producing goods can we create a demand for the goods which other producers get out.

1936 J. M. Keynes Gen. Theory Employment iii. 26 Say's law, that the aggregate demand price of output as a whole is equal to its aggregate supply price for all volumes of output, is equivalent to the proposition that there is no obstacle to full employment.

1969 Daily Tel. 21 Apr. 14/2 If Say's Law had been true there could have been no unemployment.

1991 Struct. Change & Econ. Dynamics 2 40 Marx harshly criticized Ricardo for his adhesion to Say's Law.

2010 Industr. & Labor Relations Rev. 64 76/2 Say's Law (i.e., a persistent demand-deficient glut is impossible in a competitive economy).

This entry has been updated (OED Third Edition, June 2015; most recently modified version published online March 2022).

单词	says law
释义	Say's Lawn. Brit. /ˈseɪz lɔː/, U.S. /ˈseɪz ˌlɔ/, /ˈseɪz ˌlɑ/ Forms: also with lower-case initial in the second element. Origin: From a proper name, combined with an English element. Etymons: proper name Say , law n.¹ Etymology: < the genitive of the name of Jean Baptiste Say (1767–1832), French economist, who propounded this principle + law n.¹ Economics. The principle that supply creates its own demand (and that, therefore, there can never be a general glut or overproduction of goods and services in a market economy).Propounded by the French economist Jean-Baptiste Say (1767–1832) in his Traité d'économie politique (1803), the principle has been subsequently formulated in a number of different ways. It is a central principle of classical (and neoclassical) economic thought, and rejection of it is characteristic of Keynesian critiques thereof. The phrase ‘supply creates its own demand’ was originally part of Keynes's formulation (see Gen. Theory Employment (1936) 18, and cf. quot. 1936). ΘΚΠ society > trade and finance > trading conditions > [noun] > supply and demand or market > demand > theory of Say's Law1878 1817 D. Ricardo Princ. Polit. Econ. xix. 401 Is the following quite consistent with M. Say's principle?] 1878 J. B. Howe Polit. Econ. Great Brit., U.S., & France 566 It is because Say's law is practically false, that a metallic currency..is absolutely necessary in order to preserve steady prices. 1911 F. M. Taylor Princ. Econ. xiii. 283 The public's demand for goods is, in the last analysis, dependent on their output of goods. (Say's Law). Only by producing goods can we create a demand for the goods which other producers get out. 1936 J. M. Keynes Gen. Theory Employment iii. 26 Say's law, that the aggregate demand price of output as a whole is equal to its aggregate supply price for all volumes of output, is equivalent to the proposition that there is no obstacle to full employment. 1969 Daily Tel. 21 Apr. 14/2 If Say's Law had been true there could have been no unemployment. 1991 Struct. Change & Econ. Dynamics 2 40 Marx harshly criticized Ricardo for his adhesion to Say's Law. 2010 Industr. & Labor Relations Rev. 64 76/2 Say's Law (i.e., a persistent demand-deficient glut is impossible in a competitive economy). This entry has been updated (OED Third Edition, June 2015; most recently modified version published online March 2022). < n.1878
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