Economics · A History of Economic Thought by V Lokanathan
Chapter 11 : J. B. SAY (1767-1832)
Table of contents26 sections
- 1.J. B. SAY (1767-1832)
- 2.Introduction
- 3.Key Terms
- 4.📌 Exam Tidbits
- 5.Nature and Scope of Political Economy
- 6.Key Terms
- 7.📌 Exam Tidbits
- 8.Productive and Unproductive Labour
- 9.Key Terms
- 10.📌 Exam Tidbits
- 11.Say's Law of Markets
- 12.Key Terms
- 13.📌 Exam Tidbits
- 14.Implications of Say's Law of Markets
- 15.Key Terms
- 16.📌 Exam Tidbits
- 17.Criticism
- 18.Key Terms
- 19.📌 Exam Tidbits
- 20.Value
- 21.Key Terms
- 22.📌 Exam Tidbits
- 23.Conclusion
- 24.Key Terms
- 25.📌 Exam Tidbits
- 26.Quick-Recall Box
Chapter preview
J. B. SAY (1767-1832)
Introduction
Jean Baptiste Say was a French economist who popularized the ideas of Adam Smith on the European continent. He experienced many ups and downs in life, starting in business before becoming a professor of Political Economy in a college in France.
- Main Work: Traite d' Economic Politique (A Treatise on Political Economy), published in 1803.
- Relationship with Adam Smith: Say came across Smith's Wealth of Nations by chance, which had a profound influence on him. However, it is unjust to regard Say as a mere popularizer; he carefully reviewed, developed, and emphasized Smith's ideas.
- Say's Assessment of Smith: Say noted that "when we read this work, we feel that previous to Smith there was no such thing as political economy." Yet, he also criticized its organization, stating: "The work of Smith is only a confused assemblage of the soundest principles of Political Economy....; his book is a vast chaos of just ideas, jumbled with positive knowledge." Say's goal was to present these ideas in a lucid and orderly manner.
Key Terms
| Concept | Definition |
|---|---|
| None | No formal terms defined in this introductory section. |
📌 Exam Tidbits
- J. B. Say (1803): Published Traite d' Economic Politique (A Treatise on Political Economy).
- J. B. Say on Adam Smith: "when we read this work, we feel that previous to Smith there was no such thing as political economy."
- J. B. Say on Smith's book: "The work of Smith is only a confused assemblage of the soundest principles of Political Economy....; his book is a vast chaos of just ideas, jumbled with positive knowledge."
Nature and Scope of Political Economy
Say possessed clear ideas regarding the boundaries and methodology of economics. He defined political economy as a study of the laws which govern wealth.
Divisions of Economics Say explicitly divided the subject of economics into 3 main divisions:
| Division | Say's Framework & Components |
|---|---|
| Production | The creation of wealth. |
| Distribution | National income is distributed in the form of rent, wages, interest and profits. |
| Consumption | The use of wealth. |
The Concept of the Entrepreneur
- He described this 'undertaker' as an…
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