Essay: Concept of Supply

Sample Essay

Jean-Baptiste Say was a French business man and an economist in the early eighteenth century. He was the originator of the Say’s Law which describes that the supply creates its own demand, and the supply is not influenced by demand and supported the free trade and competition, and the lifting of restraints levied on the businesses.

Say emphasized upon the concept that the supply creates its own demand, because he believed that the person’s ability to demand products is dependent on his disposable income which he generates from his own attributes in production.  His point of view regarding surplus was similar to of Adam Smith in context that he accepted the concept that the surplus could be achieved in any product. Insufficient demand could be due to a misdirected production and result in an excess of a product in the market known as surplus. This perception of Say made his views different from that of Smith and Quesnay. (Wood & Kates, 2000)

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