Malthus on Say’s law

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Say’s law is one of the basic principles in the system of the English Classical School of economics in the 19th century. On the other hand, Malthus (as well as Sismondi in Switzerland) rejected the law, and has been regarded as a precursor of the Keynesian Revolution. However there still remain a few ambiguous points which require further clarification. For instance, we may ask: (1) what does Say’s law mean ? (There are several statements which are called by the same name.) (2) what kind of statement did Malthus intend to reject ? This note is a trial to answer these questions.

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