----------------- HES POSTING ----------------- 
 
Steve, 
 
Hmmm.  You are conveniently continuing to ignore the more  
serious quote from Say about "unproductive capital" and hoarding?   
Or perhaps this is merely a further sign of Say's incompetence and  
the "good thing" that his argument was taken over by Ricardo and  
Mill who "proved" the impossibility of general gluts?   
 
I would fully agree that Mill believed in "Say's Law" and vigorously  
defended it, having gotten it from his dad, as I have already noted.   
But, even Keynes was wrong. There were some serious  
economists who did not buy this so-called proof, even if they were  
not the Establishment. One was Karl Marx.   
 
>From p. 500 of Part II of _Theories of Surplus Value_ (1969 ed.):   
 
"In the crisis of the world market, the contradictions and  
antagonisms of bourgeois production are strikingly revealed.  
Instead of investigating the nature of the conflicting elements which  
erupt in the catastrophe, the apologists content themselves with  
denying the catastrophe itself and insisting, in the face of their  
regular and periodic recurrence, that if production were carried on  
according to the textbooks, crises would never occur."   
 
And then on p. 505 we have an explanation of how the process of  
transforming commodity into money can become "unbalanced"  
because "the demand for the general commodity, money,  
exchange-value, is greater than the demand for all particular  
commodites."   
 
Hmmm.     
 
Barkley Rosser 
 
------------ FOOTER TO HES POSTING ------------ 
For information, send the message "info HES" to [log in to unmask]