Rick Perry — and His Critics — Still Don’t Understand Say’s Law

[Editor’s note: Energy Secretary Rick Perry on Thursday declared “you put the supply out there and the demand will follow.” It appears that Perry was attempting to invoke Say’s Law, and many professional economists and pundits quickly took to mocking both Perry and Say’s Law for making assertions contrary to modern Keynesian orthodoxy. Below, economist Per Bylund explains what Say’s Law really says, and why it’s a good thing.