The expression “Say’s Law” is used in the economics literature to represent the arguments set out by Say in Chapter XV, Des Débouchés, Book I, of his Traité d’Economie Politique (1st ed. 1803; 4th ed. 1819, 1st English trans. 1821). These arguments, later known and discussed under the...

In spite of elaborate descriptive and correlational studies, the most ubiquitous phenomenon in economics, namely inflation, has remained unexplained in terms of its mathematical origins. Keynes had attempted to relate inflation to a mechanism of "sticky wages and prices". Hitherto, such theories...