EPISODE · Oct 5, 2020 · 2H 45M

Capitalism Macroeconomics Lecture 5

from The Capitalist Professor with George Reisman, Ph.D. - Free College Courses on Capitalism · host George Reisman

Say’s Law. Monetary demand and real demand; why only more production and supply can increase real demand. Say’s Law and the harmony of long-run self-interests. Say’s Law and the impossibility of a general overproduction; why falling prices caused by increased production do not represent deflation. READINGS Reisman: pp. 559–599 Optional: James Mill, “Consumption” and “Of the National Debt” in Supplementary Readings in Macroeconomics [James Mill, Commerce Defended, reprinted in James Mill Selected Economic Writings]; Optional: Samuelson, Chapter 12

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