Jean-Baptiste Say: A Proto-Austrian Warning against Lord Keynes

Jean-Baptiste Say is largely forgotten in modern economics; if he is remembered and studied, it is for Say’s Law, which was misinterpreted by John Maynard Keynes, and ended up providing the basis for the General Theory. In this chapter, we review Say’s Law and a more correct interpretation. We then use this to highlight the contributions of Say to modern macroeconomics, the microfoundations of macroeconomics, and entrepreneurship theory. Say was an influential French thinker – modern classical liberalism owes much to him, and would be enriched by a rediscovery of his writings.

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