Say's Law

If you studied economics at the college level, there is a pretty good chance that you've never heard of John-Baptiste Say. John Maynard Kenyes, definitely. Milton Friedman, highly likely. Adam Smith, maybe. David Ricardo, perhaps. But it would not be a stretch to say that J.B. Say is the most important political economist who has ever lived.

My friend Richard Salsman of Intermarket Forecasting Inc. has graciously allowed me to publish a wonderful essay he wrote back in 2003 commemorating the bicentennial of Say's A Treatise on Political Economy (1803).

Other great resources on Say's Law include books by William H. Hutt (A Rehabilitation of Say's Law), Steven Kates (Say's Law and the Keynesian Revolution: How Macroeconomics Lost Its Way), and Thomas Sowell (Say's Law: An Historical Analysis).


The Capitalist Advisor
December 31, 2003

A Great Debate on Fractional Reserve Banking

John Tamny did an admirable job defending his positions on fractional reserve banking and Austrian Business Cycle Theory (ABCT) in a great debate with Jeff Herbener of Grove City College on a recent episode of The Tom Woods Show.

http://tomwoods.com/podcast/ep-757-debate-is-fractional-reserve-banking-economically-benign/