Map of Bell Gardens on He argued that the market has a built-in equilibrium. Wages, according to Smith, rose or fell according to the demand for labor. Smith saw specialization, or division of labor, as a major element of an efficient market. Jean-Baptiste Say (1767-1832). The French liberal school of thought was heavily influenced by the economic theories of Jean-Baptiste Say who after reading An Inquiry into the Nature and Causes of the Wealth of Nations called Smith’s work a confused assemblage of economic principles. While technically considered classical economists, the French liberal school rejected some of its core beliefs. Say’s Treatise of Political Economy, published in 1803, contributed what became known as SAY’S LAW to the understanding of economics, maintaining that overproduction was an economic impossibility because demand would always rise to meet production. Map of Bell Gardens 2016.
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