MANAGEMENT

Detailed explanation-1: -Supply creates its own demand. What a strange and seemingly contradictory concept. In the discipline of Economics, this concept is known as Say’s Law. Jean-Baptiste Say was a French Economist in the late 17th & early 18th century.

Detailed explanation-2: -Production Concept This viewpoint was encapsulated in Says Law which states ‘Supply creates its own demand’. Hence companies focus on producing more of the product and making sure that it is available to the customer everywhere easily.

Detailed explanation-3: -Keynes’ Law states that “Demand creates its own supply.” As a matter of historical accuracy, just as Jean-Baptiste Say never wrote down anything as condensed as Say’s Law, John Maynard Keynes never wrote down Keynes’ Law.

Detailed explanation-4: -The statement “Supply creates its own demand” is given by J.B. Say. Jean-Baptiste Say was a French economist who had liberal views and argued in favour of competition and free trade. He is best known for Say’s law, which is also known as the law of markets.