WHY YOUR GRANDFATHER’S ECONOMICS WAS BETTER THAN YOURS: ON THE CATASTROPHIC DISAPPEARANCE OF SAY’S LAW
1.State the key proposition of Say’s Law. What insight does it contain regarding the nature of human cooperation under a system of division of labor?
2.Using the insight provided by Say’s Law, explain the consequences of a significant distortion of the structure of production relative to consumer preferences. How does the initial crisis or cluster of errors snowball into a recession?
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