Understanding Say's Law Prevents One from Making the Error of Believing That Depressions can be due to Over-Production or Over-Saving

Röpke's Crises and Cycles was the last major work published in the English language on business cycle theory before the publication of the General Theory. In this work, Röpke explicitly refers to the insights of Say and Ricardo in providing the first understanding of the nature of the business cycle. He then shows how an understanding of Say's Law prevents one from making the error of believing that depressions can be due to over-production or over-saving.

--Steven Kates, introduction to Say's Law and the Keynesian Revolution: How Macroeconomic Theory Lost its Way (Cheltenham, UK: Edward Elgar, 2009), 7.