Question

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.

0 0
Add a comment Improve this question Transcribed image text
Answer #1

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.

Add a comment
Know the answer?
Add Answer to:
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...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • & © Aa Bo o Q Search February 20, 2020 at 9:04 PM Answer the following...

    & © Aa Bo o Q Search February 20, 2020 at 9:04 PM Answer the following questions....both, to the best of your ability: 1. How would you explain the following statement: Economics is greatly impacted by how well information travels through society. Today, social media giants Twitter, Facebook, and Instagram are major forces on the information superhighway. (focus on the significance of information, in Economics, and why these companies are becoming Info Superhighways) 2. From the reading on Adam Smith,...

  • Please read the article and answer about questions. You and the Law Business and law are...

    Please read the article and answer about questions. You and the Law Business and law are inseparable. For B-Money, the two predictably merged when he was negotiat- ing a deal for his tracks. At other times, the merger is unpredictable, like when your business faces an unexpected auto accident, product recall, or government regulation change. In either type of situation, when business owners know the law, they can better protect themselves and sometimes even avoid the problems completely. This chapter...

  • Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between...

    Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between international trade and domestic trade More complex context More difficult and risky Higher management skills required 3. Basic concept s relating to international trade Visible trade & invisible trade Favorable trade & unfavorable trade General trade system & special trade system Volume of international trade & quantum of international trade Commodity composition of international trade Geographical composition of international trade Degree / ratio of...

  • How can we assess whether a project is a success or a failure? This case presents...

    How can we assess whether a project is a success or a failure? This case presents two phases of a large business transformation project involving the implementation of an ERP system with the aim of creating an integrated company. The case illustrates some of the challenges associated with integration. It also presents the obstacles facing companies that undertake projects involving large information technology projects. Bombardier and Its Environment Joseph-Armand Bombardier was 15 years old when he built his first snowmobile...

  • A. Issues [1] In addition to damages for one year's notice period, can a trial judge...

    A. Issues [1] In addition to damages for one year's notice period, can a trial judge award significant damages for the mere fact of an employee's dismissal, or for the stigma that that dismissal brings? Or for the employer thereafter competing with the ex-employee for the clients, before the ex-employee has got a new job? B. Basic Facts [2] This is an appeal from 2009 ABQB 591 (CanLII), 473 A.R. 254. [3] Usually a judgment recites facts before law. But...

  • I need Summary of this Paper i dont need long summary i need What methodology they used , what is the purpose of this...

    I need Summary of this Paper i dont need long summary i need What methodology they used , what is the purpose of this paper and some conclusions and contributes of this paper. I need this for my Finishing Project so i need this ASAP please ( IN 1-2-3 HOURS PLEASE !!!) SPECIAL ARTICLES tole of Monetary Policy C Rangarajan What should be the objectives of monetary policy? Does the objective of price stability conflict with the goal of achieving...

  • CASE 8 Unlocking the Secrets of the Apple iPhone in the Name of access the male...

    CASE 8 Unlocking the Secrets of the Apple iPhone in the Name of access the male San Bernardino suspect's iPhone 5c. Cook stated: Antiterrorism We are challenging the FBI's demands with the deepes respect for American democracy and a love of our country. We believe it would be in the best interest of everyone to step back and consider the implications While we believe the FBI's intentions are good, if would be wrong for the w e nt to force...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT