----------------- HES POSTING ----------------- On Thu, 20 Apr 2000, JAMES C. W. AHIAKPOR wrote: > Of course, Say's Law admits the over-production of some specific > commodities -- which would lead to their prices falling in order > to clear their supplies. 1. ALL commodity production is the production of SPECIFIC commodities. 2. The over-production of some specific commodities COULD lead to their prices falling, but it also could lead to any number of other events occuring -- from soaking oranges in creosote to financial bubbles to government bailouts and thousands of other possibilities. The price WOULD fall to market clearing level with perfectly competitive markets, perfect information and all those other perfections that could no more exist than could "general" over- production (see point 1). Tom Walker ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]