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The French economist Jean-Baptiste Say transformed the equality of total output and total spending into a law that can be expressed as a. unemployment is not possible in the short run. b. demand and supply are never equal. c. supply creates its own demand. d. demand creates its own supply.
Economics For Today
Solutions
Economics For Today
The French economist Jean-Baptiste Say transformed the equality of total output and total spending into a law that can be expressed as
- a. unemployment is not possible in the short run.
- b. demand and supply are never equal.
- c. supply creates its own demand.
- d. demand creates its own supply.
The law that explained the equality of total output and total spending.
Explanation of Solution
The classical economic thought was a branch of economic thought which was developed in the early to mid-19th century, especially in the areas of Britain. The main proponents of the school of thought were Adam smith, Jean Baptist Say, David Ricardo, Robert Thomas Malthus, and so forth.
Option (c):
The classical school of economic thought has three main pillars, and one among them is Say’s law of market. Say’s law of market states that the supply in the economy creates its own demand. Thus, whatever being produced in the economy will be automatically demanded and there would be no excess demand or excess supply in the economy. According to the law, total output equals total spending in the economy. Hence, option 'c' is the correct answer.
Option (a):
Say’s law of market is an important pillar that holds the classical economic thought...
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