Explain how Say’s Law can or can not be, an extension of Adam Smith’s insight that the division of labor is limited by the extent of the market, given that specialization can depend upon how much dema...
Explain how Say’s Law can or can not be, an extension of Adam Smith’s insight that the division of labor is limited by the extent of the market, given that specialization can depend upon how much demand there is for a specialized good/service.
Homework Answers
Say's law or the law of markets theory suggests that "Supply
creates its own demand". In simple ways it means that if we give
somebody excess of something, they will find ways to use that
excess.
But this contradicts Adam Smith's insight as Adam has said that the
division of labor is limited by the market extent and therefore
specialization totally depends only the demand of that
service/good. Mere availability of specialized good/service cannot
create its demand.
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Explain how Say’s Law can or can not be, an extension of Adam Smith’s insight that the division of labor is limited by the extent of the market, given that specialization can depend upon how much dema...
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