Book Club Discussion - A Rehabilitation of Say's Law

FEB
23
Tuesday, 5:30 pm - 7:30 pm
 
Location: Biltmore Court
CFALA Member Center
520 S Grand Ave. Suite 655 
Los Angeles, CA 90071
 
Speaker: None 
 
Time: 5:30PM - 6:00PM: Networking/Pizza/Wine
6:00PM - 7:30PM: Book Discussion
 
Dress: Business Casual
   
   
A Book Club Sponsored Event

A Rehabilitation of Say's Law by W. H. Hutt

This short book was originally intended to be a chapter in Hutt’s longer work ‘The Keynesian Episode’ but was published separately.

With A Rehabilitation of Say's Law, Professor William H. Hutt produced a magnificent work that Austrians would love to claim as one of their own, but that Hutt himself viewed as thoroughly classical in nature. The topic addressed here is Say's law: the view that macroeconomic activity tends toward stability — which is to say, under a free market there will be no systemic gluts or shortages absent government intervention.

J.M. Keynes considered the foundation of his own work his refutation of Say's law, for which (according to Hutt) he coined the phrase "supply creates its own demand." Hutt formulates the law, which he says is fundamental to all economic thinking, that "all power to demand is derived from production and supply." Hutt argues that there is no inherent flaw in the market that leads it to provide a deficiency in aggregate demand, contrary to what Keynes claimed.

Hutt's argument is that Say's law must be completely restored before the root of the Keynesian error can be seen and understood.

 
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Cancellations must be received in writing by 9:00 am the day prior to the event. No phone cancellations are accepted. Please fax to the CFALA office at (213) 613-1233 or e-mail info@cfala.org. Member “no-shows” will be billed the non-member fee ($15) for the event which is posted on the CFALA website.
 
Chair: 
Don Brown, CFA
As a participant in the CFA Institute Approved-Provider Program, the CFA Society of Los Angeles has determined that this program qualifies for 1 credit hours. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.
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