The Stability of the System as a Whole

  • Lord Robbins


The Classical conception of a System of Economic Freedom, which I have been discussing in the preceding chapters, clearly rested on an important assumption, namely that, in the long run at any rate, available resources would be reasonably fully employed. I say in the long run for I do not believe that any competent Classical Economist would have urged that, if there were sudden or large changes in demand, there would be an instant response; whatever may be said by those who have never read them with any attention, the members of that school were not unaware that shifts took time. I say also reasonably fully employed. Again I do not think that any Classical Economist would have expected that, in conditions subject to incessant change of seasons of technique and taste, there would be an unemployed percentage — of zero — or something only very narrowly removed from zero, as has occurred in more than one area in the period of inflationary pressure since the Second World War.


Political Economy Economic Freedom Cash Payment Free Banking General Glut 
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© Lord Robbins 1976

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  • Lord Robbins

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