What Does Say’s Law Really Say?

Bob goes solo to give the historical context and true meaning behind "Say's Law," as well as the caricature presented by Keynesian critics.

[peterreiss]

Just want to add that I am a big fan of Bob Murphy. I highly recommend The Politically Incorrect Guide to the Great Depression and New Deal, as well as his other essays and talks.

[sovaignon]

Just read Steven Kates book on Says law, recommended by Per Bylund after a twitter convo.
Very well timed video.

Understanding this has done more for my understanding of economics than multiple years of studies.

Thank you!

[garrettpatten]

I was dying laughing at the dismantling of the labor theory of value

[Oatriumph]

I think of it as "supply precedes satisfied demand."

[willosee]

The Sharp Ratio is a cornerstone performance metric in the investment management industry. Ask any advisor, clients like good performance, but also dislike a roller coaster ride.
He really tapped into an element of the human psyche.

[KRGruner]

Spot on. I knew this (the correct interpretation of Say's Law) already, but this was very clearly explained.

[Darth_Pro_x]

He starts reading Say's treatise on 25:50

[zg-it]

I got a case of 80 books. I've given a bunch of away, but what I like to do is every time I stop at the atm, I leave for five copies on top of it.

[tomrusack]

I believe Say actually said that production precedes profit.

[gb-dtvk]

It seems that low output( low supply) creates demand for more output due to lower production costs, but the demand to purchase that output is controlled by lower prices. It is not necessarily that low supply creates demand but that low supply lowers prices which leads to higher demand.

[JonathanSmith-kzjo]

J.B. Say rejected cost theories of value. He posited a theory of value very similar to the subjective theory of value.

[abramgaller]

Government is the fly in Say's ointment.

[chriswebb]

I should get a few books for the local libraries

[CptWacko]

"There's not enough money" ...Boom, ghost ledgers appear!

[ronobrien]

The average house in 1948 cost 1.75 times the average annual income. In 2023 the average house cost 7.5 times the average annual income. I'm not an economist but supply/demand/whatever has us going in the wrong direction.

[coreydenegar]

At 37 minutes in I still don't understand the concept

[ShaneCameron]

I love Bob…but he is not a gifted presenter. I’m shocked he’s doing these videos. He’s smart and I really think he’s great in our corner of economic theory, but he’s 30 minutes making hypothetical what if’s…I mean I don’t know what he’s talking about

[tubularbueller]

Let's not talk about Murphy's law. 😜

[coreydenegar]

I can't track what you are saying the theory actually is. You take so many side tracked thoughts that it gets all jumbled. Could you just SIMPLY state the concept BEFORE you go down every rabbit hole?

[Evolutionary-Capitalist]

value isnt subjective. expected value is partially subjective, but the true source of value comes from evolution's goal which is partially programmed into us and being tuned by evolution over time. that goal is where objective/relative value is derived. mises has an ulterior motive, and was working backward from a conclusion that led to laisse faire economics. that is not unbiased analysis.