Short biography of jean-baptiste say theory

Jean-Baptiste Say (January 5, 1767 – November 15, 1832) was a French economist and businessman. He had classically liberal views and argued in favor of competition, free trade, and lifting restraints on business.

His most significant contribution is the thesis, known as "Say's Law," that supply creates its own demand.

Short biography of jean-baptiste say theory of evolution

Thus he supported the laissez-faire position of Adam Smith, stating that overproduction in one market will naturally return to balance without government interference as the producer will either adjust production to different items or adjust prices until the goods sell.

Say did not, however, agree with Smith's labor theory of value that the value of a commodity depends on the labor involved in its production, arguing instead that value derives from its ability to satisfy the desires or needs of the consumer.

Biography

Jean-Baptiste Say was born in Lyons, France on January 5, 1767 to a family of textile merchants of Huguenot extraction. In 178