On Say’s Law, Keynes’s Money, and Post Keynesians


  • William Barnett II Bank One Distinguished Professor of International Business and Professor of Economics. Department of Economics. Joseph A. Butt, S.J. College of Business Administration. Loyola University New Orleans. New Orleans, Louisiana 70118. (504) 864-7950.
  • Walter Block Harold E. Wirth Endowed Chair in Economics. Department of Economics. Joseph A. Butt, S.J. College of Business Administration. Loyola University New Orleans. New Orleans, Louisiana 70118. (504) 864-7934.




Say’s Law maintains that there can never be a superabundance of all goods (if any good were available in greater supply than needed, such as water or air, it would no longer be an economic good at all) and that if there is an excess of some items that are still goods, it will be matched with an insufficiency of others. The reputation of Keynes (1936) was made in part on the basis of a supposed refutation of Say’s Law. This paper attempts to probe the irrationality of Keynes’ position by examining his concept of money and its relationship to his theory.

Key words: Say’s Law; Keynes; money; economic goods; animal spirits; unemployment.

JEL Category: E12.


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How to Cite

Barnett II, W. ., & Block, W. . (2007). On Say’s Law, Keynes’s Money, and Post Keynesians. REVISTA PROCESOS DE MERCADO, 4(2), 139–165. https://doi.org/10.52195/pm.v4i2.326