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1、JournalofEconomicPerspectives—Volume13,Number1—Winter1999—Pages195-204RetrospectivesSay'sLawWilliamJ.BaumolThisfeatureaddressesthehistoryofeconomicwordsandideas.Thehopeistodeepentheworkadaydialogueofeconomists,whileperhapsalsocastingnewlightonongoingquestions.Ifyouh
2、avesuggestionsforfuturetopicsorauthors,pleasewritetoJosephPersky,c/ofoumalofEconomicPerspectives,DepartmentofEconomics(M/C144),UniversityofIllinoisatChicago,601SouthMorganStreet,Room2103,Chicago,Illinois60607-7121.IntroductionWhatisperhapsmostcuriousabout"Say'sLaw"i
3、sthecontinuingdisagreementonitssubstance,andtowhomitshouldbecredited.JohnMaynardKeynessum-marizedthelawas"supplycreatesitsowndemand,"butitisnowgenerallyagreedthatKeynes,atbest,didnotgetitquiteright.Ihavebeenunabletoascertainwhocoinedtheterm"Say'sLaw,"butitappearstob
4、ea20thcenturyappellation,pre-cedingKeynes'suse,butperhapsnotbymuch.Jean-BaptisteSaywascertainlyamongtheearlierwriterstodiscussthetopicatler%th,butsofarasIcandetermine,noneofSay'scontemporaries—includingSayhimself—creditshimwithhavingbeenfirsttoenunciateitsprinciples
5、.•WilliamJ.BaumolisDirector,C.V.StarrCenterforAppliedEconomics,NewYorkUni-versity,NewYorkCity,NewYork,andSeniorResearchEconomistandProfessorEmeritus,PrincetonUniversity,Princeton,NewJersey.Hise-mailaddressis{William.Baumol@econ.nyu.edu}.196JournalofEconomicPerspecti
6、vesBiographicalNoteJ.B.SaywasbominLyonsin1767,thesonofatradesman.AftermovingtoParis,SayworkedinahankandthenwassenthyhisfathertoEnglandtocompletehiscommercialeducation—thefirstofanumherofvisits.In1799SaywasappointedtoNapoleon'sTrilmnat,whichoversawtheconstitutionalit
7、yoflegislationandothergovernmentacts.By1803,whenhepublishedhismagnumopus,Traited'EconomiePolitique—titledintranslationATreatiseonPoliticalEconomy[1821]—hehadbrokenwithNapoleonandwasdismissedfromtheTribunatForelevenyearshewaspre-ventedfrompublishingasecondeditionofhi
8、sTreatise.DuringthisperiodheopenedandoperatedacottonmilloutsideParis.In1814,SaywassentbytheFrenchgovernmenttoreportonEngland'sdynamicecono
