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Greg Ransom quotes Hayek as saying that money only serves as
an intermediary between the exchange of goods, thus of the
essentially barter nature of exchange. This is contradicted by Say's
recognition of the possibility of "unproductive capital" associated
with hoarding.
James Ahiakpor offers up a view of "classical economics" that may
or may have not been believed in fully by various "classical
economists." That Say himself, despite generally supporting
"Say's Law," also recognized its limits, is a warning that modern
economists should be cautious about imposing fully developed
modern theoretical systems on past economists who were
generally much more aware of special cases and nuances than are
most modern theoreticians.
Barkley Rosser
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