Say's Law and ECLAC Thinking: From the Dining Room to the Junk Room

ECLAC thinking has evolved through several stages influenced both by geopolitical dynamics and by developments in economic theory. Throughout much of its history, it has relied—directly or indirectly—on a theoretical foundation aligned with Say’s Law. Coincidentally or not, a shift in this framework took place after the 2008 crisis. Say’s Law and Ricardian thought lost prominence, making way to theories of Effective Demand. This article aims to trace the trajectory of ECLAC thinking, highlighting the replacement of Say’s Law by Effective Demand theories.