In classical economic theory, who is credited with propounding the Market Law, commonly referred to as Say's Law of Markets?

Introduction / Context:
Say's Law of Markets is a classical economic idea often summarised as supply creates its own demand. It suggests that the act of producing goods generates enough income to purchase those goods, implying that general overproduction is unlikely in a free market. This law played an important role in classical and early neoclassical economics and was later challenged by Keynesian economics. This question checks whether students know which economist originally propounded this Market Law.

Given Data / Assumptions:
The term Market Law refers to a famous principle in classical economics.The options include J. B. Say, T. R. Malthus, Adam Smith, and David Ricardo.We assume the law is the one commonly called Say's Law of Markets.We focus on identifying the correct economist associated with this law.

Concept / Approach:
Jean Baptiste Say, a French economist, is credited with articulating what later became known as Say's Law. The central idea is that aggregate supply will generally create an equivalent amount of aggregate demand because production generates income for factors of production, which is then spent on goods and services. Although some earlier economists had related ideas, Say is the one whose name is directly attached to the Market Law. Malthus, Smith, and Ricardo made other important contributions but are not the originators of Say's Law.

Step-by-Step Solution:
Step 1: Recall that the phrase Say's Law of Markets comes directly from the name of the economist J. B. Say.Step 2: Connect the idea supply creates its own demand with this law.Step 3: Examine the options and note that J. B. Say is explicitly listed, making the association straightforward.Step 4: Recognise that T. R. Malthus is known for the Malthusian theory of population, not for the Market Law.Step 5: Remember that Adam Smith and David Ricardo contributed to classical value theory and trade, but not specifically to this law, and therefore choose J. B. Say.

Verification / Alternative check:
Standard macroeconomics textbooks discuss Say's Law in the context of classical theory, often highlighting that Keynes criticised this law in his General Theory. The law is always attributed to Jean Baptiste Say. Similarly, exam preparation materials in Indian economy and macroeconomics include questions stating that Say's Law is named after J. B. Say. Malthus is most closely linked to population theory, Adam Smith to the invisible hand and wealth of nations, and Ricardo to comparative advantage, confirming that J. B. Say is the correct answer.

Why Other Options Are Wrong:
T. R. Malthus: He is primarily known for the theory of population and for his views on scarcity and subsistence, not for the Market Law.Adam Smith: Regarded as the father of modern economics, he introduced concepts like the invisible hand and division of labour but did not propound Say's Law.David Ricardo: He contributed to theories of rent, distribution, and comparative advantage in international trade, not to the Market Law.

Common Pitfalls:
Students sometimes confuse classical economists because many names are introduced together. Without careful association of each economist with their main ideas, it is easy to misattribute theories. Another mistake is to think that Adam Smith, as the most famous classical economist, must be behind every classical theory. To avoid such pitfalls, it is useful to make a simple mental note that the word Say in Say's Law acts as a direct clue to J. B. Say as the author of the Market Law.

Final Answer:
The Market Law, commonly known as Say's Law of Markets, was propounded by J. B. Say.