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Date: | Fri Mar 31 17:18:19 2006 |
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----------------- HES POSTING -----------------
Steven,
Thank you for confirming that my memory regarding the respective
roles of the Mills in all this was not completely incorrect. I dug into
this several years ago out of curiosity.
Now, I do not have a copy of Say's book in my office, and am not
going to the library now to check it out. But, when I was interested in
this I did go look at it, probably the first edition. I remember
somewhere in the book that he allowed for the possibility of what we
would call "hoarding" of money. And, at that point, he allowed as how
what you are calling the "law of markets" might not work. Certainly
through much of the book he was a more or less advocate of "Say's
Law." But, my remarks about his views were not that he was an
ineffective advocate or one who had poorly thought out his arguments.
Rather it was that he in fact, at least in one edition, admitted somewhere
that the "law" might not always hold if persons hoarded money.
Barkley Rosser
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