History of Economic Thought. Teachings of J. B. Say (the most important)

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History of Economic Thought. Teachings of J. B. Say (the most important)

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29. THE TEACHING OF J. B. SEY

Jean Baptiste Say (1767-1832) - French economist. He owns the theory of value, the doctrine of the three factors of production and the theory of implementation.

1. Say's theory of value. This He argued that "to produce objects that have some utility means to produce wealth, since the utility of objects is the first basis of their value, and value is wealth."

Sei also believed that:

1) item price is the measure of its value, and value is the measure of its usefulness;

2) exchange value, or the price of an article serves only as a sure indicator of the utility which people recognize in the article.

This determined the value of the goods "production costs" capital, land and labour. And he determined these costs by supply and demand.

This He rejected the internal value inherent in goods and believed that the value of a product arises in the process of comparing two goods.

2. Teaching Saying about the three factors of production. This I thought that three factors of production - labor, capital and land - correspond three main incomes: labor creates wages, capital creates interest, land creates rent. The sum of these three incomes determines the value of the product, each of the owners of one or another factor of production receives the income created by the corresponding factor of production as a certain share of the cost of the product.

3. Say's realization theory. This argued that by giving value to his products, the manufacturer hopes that his product will be appreciated and sold to those people who have the means to buy it.

“These funds consist of other values, of other products, of the fruits of industry, of their capitals.

The thesis "cannot be sold because there is not enough money"

This opposes another thesis - "cannot be sold because there are few other products."

This argued that there is always enough money to serve the circulation and mutual exchange of other values, if only these values really exist.

This believed that sellers only strive to obtain the value of their goods with such products that they need for consumption, that sellers do not look for money at all and have no need for it, and if they want to have it, then only in order to turn them into objects of their own consumption. From the assertion that the purchase of any product cannot be made except for the value of another product, This made several conclusions:

1) than more in every state manufacturers and the more numerous industries, the easier, more varied and extensive the marketing of products. The presence of sometimes a large number of goods that clutter up circulation, because they do not find buyers, This explains by the fact that these goods exceed the sum of the needs for them, and also because other industries have given goods less than necessary;

2) everyone is interested in well-being of all, and the prosperity of one branch of industry is always favorable to the prosperity of all others;

3) import of foreign goods favors the sale of domestic products, because we cannot buy foreign commodities except with the products of our industry, our lands and our capitals, which, consequently, sales bring into trade.

Author: Tatarnikov E.A.

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