???L???offre crée même la demande. Supply even creates demand.??? - J. B. Say
Earlier this month, François Hollande, the president of France who calls himself a ???socialist,??? endorsed Say???s law, the idea that production is more important than consumption if you want to grow the economy. This supply-side formula originally was propounded by the great French economist, Jean-Baptiste Say, in the early 19th century, and is commonly phrased ???Supply creates its own demand.???
On January 14, 2014, President Hollande used Say???s maxim as a guide for the French economy of the future:
???Le temps est venu de régler le principal problème de la France : sa production. Oui, je dis bien sa production. Il nous faut produire plus, il nous faut produire mieux. C???est donc sur l???offre qu???il faut agir. Sur l???offre ! Ce n???est pas contradictoire avec la demande. L???offre crée même la demande.???
Translated, he stated: ???The time has come to resolve the main problem of France: its production. Yes, I mean its production. We need to produce more, we must produce better: Supply even creates demand.???
This is quite an admission for a ???socialist.???
Read more about how supply and demand will affect the world economy moving forward at Eagle Daily Investor.
