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James,
Guess you did not bother to read the quote from Say. He admitted
the possibility of hoarding and clearly saw that it could lead to
economic problems. I would fully grant that he saw this as due
ultimately to either arbitrary governments, unstable conditions, or
"superstitious" cultural arrangements. He certainly thought that
under the right conditions, "Say's Law" would hold. But, it is also
clear that he recognized that some of the above "exceptional"
conditions could last for a long time, for centuries in fact, as did
Keynes in the case of India.
Barkley Rosser
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