The Tom Woods Show, episode 476.

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Hello everybody, Tom Woods here. We're talking about Keynesianism today and Say's Law. Say's laws from the 19th century

will be telling you all about it, but the controversy over Say's Law really gets to the heart of

the issues that we have with Keynesian economics. And joining us to clear all this up and explain it

for us is Dr. Stephen Kates, who is senior

lecturer in economics at RMIT University in Australia. Steve Kates was the chief economist for the

Australian Chamber of Commerce for 24 years and a commissioner on the Productivity Commission.

He's the author of many books, including the one we'll be talking about today, Say's Law and the Keynesian Revolution,

how macroeconomic theory lost its way, but also free market economics, an introduction for the general reader.

Steve Kates, welcome to the show.

And thank you very much for having me on.

I've just been telling people about your work and your book we're going to talk about today.

I have a wide array of listeners of all different backgrounds in terms of knowledge of economics.

Some of them, I'm sure, already know what Say's law is, but some don't,

and we could all use a refresher. So leaving out the Keynes question, just give me the explanation

of Say's law the way Say himself would have explained it. Well, the way it was explained,

and I don't like using Say's version because he didn't, even

though it's named after him, was named in the 1920s after him, he didn't actually give

...