2021 - Franco Angeli
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Robert Torrens on Say's Law and the General Glut
83-105 p.
- This paper analyzes how Robert Torrens's system of prices is applied to the aggregate economy. His personal interpretation of Say's Law is articulated with a numerical illustration and the HawkinsSimon conditions to exemplify how the correct supply of the ingredients of capital is presented as a necessary condition for the full clearing of markets. Next, the possible causes of a shortage in effectual demand are discussed. The quantitative illustrations developed by Torrens are carefully reviewed to show how the monetary factors play a crucial role during the general glut, as well as the appropriate policy measures to stabilise the economy. The final comments reflect on the originality of Torrens's theoretical work. [Publisher's text].
Fa parte di
History of Economic Thought and Policy : 1, 2021-
Informazioni
Codice DOI: 10.3280/SPE2021-001004
ISSN: 2280-188X
PAROLE CHIAVE
- Torrens, classical economics, Say's law, effectual demand, general glut
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