Steve Kates wrote:
> the loss of Say's Law with the publication of the General
> Theory introduced into the mainstream what virtually every
> classical economist of the time understood was an economic
> fallacy, that being the possibility of aggregate demand
> failure.


Whatever quibbles you may have with the details of his
arguments, don't you think that Sowell made it difficult to
offer such blunt assessments of the "classical" economists?
And even if we put aside say Sismondi and Malthus.  E.g.,

        it may very well occur, that there may be, at some
        given time, a very general inclination to sell with
        as little delay as possible, accompanied with an
        equally general inclination to defer all purchases
        as long as possible.
        -- J.S. Mill, as quoted by Sowell (CER, p.49)

Cheers,
Alan Isaac