European Tribune - Comments - Getting rid of the Anglo Disease... tax finance, says Martin Wolf

Getting rid of the Anglo Disease... tax finance, says Martin Wolf | 127 comments (127 topical, editorial, 0 hidden)

Re: Getting rid of the Anglo Disease tax finance (none / 0)

Production creates it's own demand

Wasn't Say's Law discredited by the existence of Depressions?

The brainless should not be in banking. — Willem Buitler

by Migeru (migeru at eurotrib dot com) on Tue May 26th, 2009 at 07:10:48 AM EST
[ Parent ]

Re: Getting rid of the Anglo Disease tax finance (none / 0)

Isn't Say's Law just a fancy way of stating that the market must always clear? The neolib version seems to me to arise from neglecting to consider that inventory buildups are also a way of making markets clear... and that particular buffer causes a particular kind of delayed feedback known as "inventory recessions."

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue May 26th, 2009 at 08:17:41 AM EST
[ Parent ]

Re: Getting rid of the Anglo Disease tax finance (none / 0)

"Wasn't Say's Law discredited by the existence of Depressions?"

That was the reason? But did how they explain depressions? No one seems to notice when it's coming?
I believe Say's Law does not work, because production creates economic rent. Land price, finance bubbles, monopolies etc. Not only labour and capital costs. If it would be so, i believe Say's Law could be quite accurate?

by kjr63 on Tue May 26th, 2009 at 12:04:15 PM EST
[ Parent ]

Getting rid of the Anglo Disease... tax finance, says Martin Wolf | 127 comments (127 topical, 0 editorial, 0 hidden)

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