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  • To a proprietor of a mine, the silver money is a produce with which he buys what he has occasion for. To all those through whose hands this silver afterwards passes, it is only the price of the produce which they themselves have raised by means of their property in land, their capitals, or their industry. In selling them they in the first place exchange them for money, and afterwards they exchange the money for articles of consumption.

    Jean Baptiste Say (1936). “Letters to Thomas Robert Malthus on Political Economy and Stagnation of Commerce”, p.6, Lulu.com