ABSTRACT
In J. S. Mill’s Principles of Political Economy the doctrine is expressly set forth: What constitutes the means of payment for commodities is simply commodities. Each person’s means of paying for the productions of other people consist of those which he himself possesses. In 1936, apparently, after half a century or so languishing in the footnotes of economic literature, Jean-Baptiste Say became an overnight failure as the one who had led everyone astray. Say’s Theory of Markets is an argument for free trade against protection. It states that competition will not cause general unemployment. It does not state that competition will prevent general unemployment. The author of “Say’s Law” is not a Frenchman called Jean-Baptiste Say. He is a Scotsman called James Mill whose relationship with his son, John Stuart, was not unlike that of Leopold Mozart with his son, Wolfgang. Adolphe Blanqui’s evidence looks very strong indeed. Say certainly argues that commercial restrictions are a cause of unemployment.
