SAY YASASI: KEYNES’İN YORUMU VE SON DÖNEM TARTIŞMALARI

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 proposi¬tion 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.