|
EconStor >
Otto-Friedrich-Universität Bamberg >
Bamberg Economic Research Group, Universität Bamberg >
BERG Working Paper Series, Universität Bamberg >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/22481
|
| | |
| Title: | | J.-B. Say's 1803 Treatise and the Coordination of Economic Activity  |
| Authors: | | Hopp, Stefan |
| Issue Date: | | 2004 |
| Series/Report no.: | | BERG working paper series on government and growth 47 |
| Abstract: | | Although historians of economic thought emphasize J.-B. Say's contributions to utility theory, the structure of the subject matter of economics, entrepreneur theory and the construction of the "law of markets," they rarely appreciate what Say accomplished in the first edition of the Traité d'Économie Politique. Only in chapters 21 and 22 of his 1803 Treatise, however, does Say sketch business firms as institutions that create and operate markets. In doing so, he essentially provides the basis for a non-walrasian concept of the coordination problem of a decentralized economic system. Thus, concerning Adam Smith's metaphor of the "invisible hand," Say ought to be considered as the first theorist to introduce into economic literature what Robert W. Clower called the "visible fingers" of the "invisible hand." |
| Subjects: | | Invisible Hand General Equilibrium Theory Jean-Baptiste Say Market Maker Say's Law Des Débouchés |
| JEL: | | D50 B12 |
| Document Type: | | Working Paper |
| Appears in Collections: | | BERG Working Paper Series, Universität Bamberg
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/22481
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|