A Rehabilitation of Say’s Law (W. H. Hutt)
- Highlight Loc. 1814-18 | Added on Friday, March 30, 2012, 01:45 PM
To recapitulate, it is through restraints on the coordinative process that the source of demands can come to be cumulatively constrained. This is the origin of the condition that macro-economists so inappropriately call “increasingly deficient aggregate effective demand.” Through such constraints, employment outlets remain available only at continuously falling real remuneration. The process can be reversed by unemployed (or sub-optimally employed) persons accepting jobs at labor costs which are related to current prospects of yields.
