Say's Law: An Historical Analysis

Princeton Legacy Library

by Thomas Sowell

Say's Law―the idea that "supply creates its own demand"―has been a basic concept in economics for almost two centuries. Thomas Sowell traces its evolution as it emerged from successive controversies, particularly two of the most bitter and long lasting in the history of the discipline, the "general glut controversy" that reached a peak in the 1820s, and the Keynesian Revolution of the 1930s. These controversies not only involved almost every noted economist of the time but had repercussions on basic economic theory, methodology, and sociopolitical theory. This book, the first comprehensive coverage of the subject, will be an indispensable addition to the history of economic thought. It is also relevant to all social sciences concerned with economic prosperity, with the nature of intellectual orthodoxy and insurgency, or with the complex relationships among ideology, concepts, and policies.

Originally published in 1972.

The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Genres: Economics, History, Business

Hardcover

First published November 1, 1972

About the author

Thomas Sowell is an American economist, social philosopher, and political commentator. He is a senior fellow at the Hoover Institution. With widely published commentary and books—and as a guest on TV and radio—he became a well-known voice in the American conservative movement as a prominent black conservative. He was a recipient of the National Humanities Medal from President George W. Bush in 2002.
Sowell was born in Gastonia, North Carolina and grew up in Harlem, New York City. Due to poverty and difficulties at home, he dropped out of Stuyvesant High School and worked various odd jobs, eventually serving in the United States Marine Corps during the Korean War. Afterward, he took night classes at Howard University and then attended Harvard University, where he graduated magna cum laude in 1958. He earned a master's degree in economics from Columbia University the next year and a doctorate in economics from the University of Chicago in 1968. In his academic career, he held professorships at Cornell University, Brandeis University, and the University of California, Los Angeles. He has also worked at think tanks including the Urban Institute. Since 1977, he has worked at the Hoover Institution at Stanford University, where he is the Rose and Milton Friedman Senior Fellow on Public Policy.
Sowell was an important figure to the conservative movement during the Reagan era, influencing fellow economist Walter E. Williams and U.S. Supreme Court Justice Clarence Thomas. He was offered a position as Federal Trade Commissioner in the Ford administration, and was considered for posts including U.S. Secretary of Education in the Reagan administration, but declined both times.
Sowell is the author of more than 45 books (including revised and new editions) on a variety of subjects including politics, economics, education and race, and he has been a syndicated columnist in more than 150 newspapers. His views are described as conservative, especially on social issues; libertarian, especially on economics; or libertarian-conservative. He has said he may be best labeled as a libertarian, though he disagrees with the "libertarian movement" on some issues, such as national defense.

Reviews

[Georges-emile Durand · Rating 5 out of 5]

Brillante exposition! Je le conseille à quiconque veut comprendre ce qui est peut-être la loi la plus simple mais aussi la plus importante en économie.

[Sylvester · Rating 5 out of 5]

Though dated, Thomas Sowell's Say's law is a comprehensive analysis of the controversy surrounding Say's law, a basic economic concept.

[AttackGirl · Rating 3 out of 5]

Well defined argument

[Eric Olson · Rating 3 out of 5]

This is more of an academic book than intended for a general audience, and not ideal as an audio book.