By Samuel Hollander
This e-book explores the perceived paradigmatic clash inside of British classical economics among the so referred to as 'Ricardo university' and the modern French Economics of Jean-Baptiste Say. Samuel Hollander presents the reader with large facts, using all variants of Say's major texts and his lesser-known writings to be able to show his adherence to a lot of Ricardian concept. This fascinating booklet specializes in chosen doctorinal concerns and surrounding debates, and will curiosity all critical historians of monetary thought, finding a position at the bookshelves of many economists internationally.
Read Online or Download Jean-Baptiste Say and the Classical Canon in Economics: The British Connection in French Classicism (Routledge Studies in the History of Economics) PDF
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Extra resources for Jean-Baptiste Say and the Classical Canon in Economics: The British Connection in French Classicism (Routledge Studies in the History of Economics)
Say appears here also to have forgotten the doctrine which he elsewhere supports [Say 1814, 2: 26], ‘that the cost of production determines the price, below which commodities cannot fall for any length of time, because production would be then either suspended or diminished’. ) Yet Say certainly did allow for contraction of output, as is made very clear in a passage actually cited in translation by Ricardo himself: un impôt quelconque mis sur un produit, n’en élève pas le prix total de tout le montant de l’impôt.
B. Say. (Schumpeter 1954: 302; see also 234) More specifically, Schumpeter maintained that, for Say, exchange value depends on utility as ‘source’ or ‘cause’ of value – rather than merely being ‘a condition of exchange value’ (as it was with Ricardo), but that he could not carry the issue further, ‘failing (like Condillac) to add scarcity’, and ‘ineptly’ explaining that the reason why useful things like air and water normally have zero exchange value was because their value was infinitely great so ‘that nobody could pay for them and hence they go for nothing’ (599–600).
Steiner does not positively deny that, for Say, ‘an equalisation of profit rates can take place’, or that – as ‘[s]ome of his remarks lead us to believe’ – ‘the owners of resources, particularly of capital in monetary form, invest their capital on the basis of the rate of return expected for a given risk’ (209–10). But these are rather hesitant allowances. Essentially, from 1823 on, ‘Say radicalise sa réflexion en accentuant le côté demande de son analyse et en s’efforçant d’expliciter aussi clairement que possible les relations entre besoins, utilité, demande, revenus et prix’ (Steiner 2003: 342–3).