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The Pitfalls of Growth Under Unrestricted Trade*
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Aug
19th 2024, Prabhat Patnaik
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The
French economist J B Say had believed that there could
never be a problem of aggregate demand in any economy,
that whatever was produced was ipso facto demanded.
There could of course be too many safety-pins and too
few blades, but other than such micro mismatches, there
could never be too little demand for the aggregate output
as a whole.
*
This article was originally published in the Peoples
Democracy on August 18, 2024.
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