Jean-Baptiste Say
Candlefocus EditorSay's advanced liberal ideas on how a market economy should work were later adopted by many economists, forming the foundation of neoclassical economics. He was also a vocal proponent of free trade and argued that nations should engage in foreign trade to maximize the wealth of society, a principle which has been embraced by many countries in principle, if not in practice. He suggested that money should be printed to meet the needs of the economy, and supported paper money circulated by the permanent Governmental authority.
Say's political economic views had a considerable influence on the Industrial Revolution. His Law of Markets provided the theoretical basis for a true free market economy where an equilibrium would eventually be reached between supply and demand, and he supported the use of innate incentives in workers to increase productivity. He is also known for his advocacy of the entrepreneur as an economic agent. He saw the entrepreneur as a risk taker and someone who supplied goods to market without the expectation of a salary.
In summary, Jean-Baptiste Say's liberal economic views would leave a lasting legacy on neoclassical economics, business, and trade. He advocated for the removal of restrictions on competition, the opening up of free trade and commerce, and the use of paper money and monetary systems to support a flourishing economy. His most noted contribution is his Law of Markets, which suggests that market forces will always clear at the right price, creating an equilibrium between supply and demand.