A Rehabilitation of Say’s Law (W. H. Hutt)
- Highlight Loc. 1558-62 | Added on Thursday, March 29, 2012, 07:38 AM
the unemployed workers, although they have reduced their wage offer, have not reduced it sufficiently—in the light of unjustifiably pessimistic entrepreneurial expectations—to release their full potential contribution to supplies and hence to the source of demands. But when wage offers have been sufficiently adjusted for entrepreneurs generally to accept them, each output expansion is contributing to a state of affairs in which, through dynamic reactions set going, higher marginal prospective labor products will generally emerge and higher money wage-rates will be forced by the market.
