great thinkers, great ideas

Introduction to Economic Theory 201

the more output will rise to a point where the output will level

off or decline. An example of this concept is contained in the

cliche, “Too many cooks spoil the soup.”

5) Say’s Law—This is the contention that the desire for products

is infinite and the ability to purchase is also guaranteed, i.e.,

supply creates its own demand.

In the following eight chapters we shall attempt, from our
readings and the ensuing discussion, to determine which eco­
nomic premises seem most viable, which ideas square with our
moral and political values, and which system or combination of
systems seems to provide the best chance for attaining our goals.
Obviously, we have to set priorities as to which goals are most
important to us, what the ramifications of those priorities might
be, and whether we must somehow moderate some of our goals
in order to obtain others of value.