Jean-Baptiste Say - Critical Assessments of Leading Economists (Hardcover, illustrated edition)

Although Jean-Baptiste Say (1767-1832) is remembered primarily for "Say's Law", one of the cornerstones of classical economics, he was also an early proponent of the utility theory of value, and was therefore very much at odds with his classical contemporaries, to whom labour was the source of value. Say's best-known work, his "Traite d'economie politique" was intended as a shorter and more systematic presentation of economics than Adam Smith's "Wealth of Nations". The success of this book (printed in 5 editions) made Say the best-known expositor of Smith in Europe and America, and he became France's first professor of political economy. Much controversy has surrounded the question of Say's originality in developing the principle (that supply creates its own demand - the doctrine ultimately named "Say's Law"). Claims have been made for James Mill as the real author of "Say's Law", but Mill was only the first of many to reformulate and elaborate what Say had done. Say never resolved his differences with Ricardo as to whether value was based on labour or utility, but in correspondence with Sismondi and Malthus he came ultimately to reconcile "Say's Law" with their theories of aggrega