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Abstract

In this paper Keynes’s critique of Say‘s Law and critique of Keynesian criticism are analysed. According to Keynes, crises are possible and are the results of lack of effective demand; that is to say that the Say’s Law is void. On the other hand, defenders of the Say’s Law assert that this interpretation by Keynes is fallacious. Especially in the last period, many studies suggest that Keynes did not demonstrate the meaning of the Say’s Law correctly and Say’s Law is valid. The purpose of this study is to indicate that the proposition of ‘aggregate supply is equal to aggregate demand’ is the key element of the Say’s Law, and that the Law may, as is ascertained by Keynes, apply in non-monetary economy, not in capitalist economy.

Keywords

• Say’s law, effective demand, barter economy, functions of money.

SAY YASASI: KEYNES'İN YORUMU VE SON DÖNEM TARTIŞMALARI

Abstract

ÖZET
Bu çalışmada, Keynes'in Say Yasası eleştirisi ve Keynes'in eleştirisinin eleştirisi incelenmektedir. Keynes'e göre, krizler ortaya çıkabilir ve efektif talep yetersizliğinden kaynaklanır; bir başka deyişle Say Yasası geçersizdir. Diğer taraftan, Say Yasası'nı savunanlar, Keynes'in yorumunun hatalı olduğunu ileri sürmektedir. Özellikle son dönemde, Keynes'in Say Yasası'nın anlamını doğru yansıtmadığı ve Say Yasası'nın geçerli olduğu yönünde yapılan yoğun çalışmalar dikkat çekmektedir. Çalışmanın amacı, Say Yasası'nın temel önermesinin 'derneşik arzın derneşik talebe eşit' olduğunun ve Keynes'in de ileri sürdüğü gibi, Yasa'nın kapitalist ekonomilerde değil, parasal olmayan ekonomilerde geçerli olabileceğinin gösterilmesidir.

Anahtar kelimeler: Say Yasası, efektif talep, takas ekonomisi, paranın işlevleri.
Jel sınıflandırması: E12, E13, E40

ABSTRACT
In this paper Keynes's critique of Say's Law and critique of Keynesian criticism are analysed. According to Keynes, crises are possible and are the results of lack of effective demand; that is to say that the Say's Law is void. On the other hand, defenders of the Say's Law assert that this interpretation by Keynes is fallacious. Especially in the last period, many studies suggest that Keynes did not demonstrate the meaning of the Say's Law correctly and Say's Law is valid. The purpose of this study is to indicate that the proposition of 'aggregate supply is equal to aggregate demand' is the key element of the Say's Law, and that the Law may, as is ascertained by Keynes, apply in non-monetary economy, not in capitalist economy.

Key words: Say's law, effective demand, barter economy, functions of money.
Jel classification: E12, E13, E40

Keywords

• Say Yasası, efektif talep, takas ekonomisi, paranın işlevleri.

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