Welfare and Distribution

  • Lord Robbins


Our survey, up to now, has been concerned principally with matters of machinery. The market mechanism works however the power to demand is distributed. It responds to demand from whatever quarter. The conditions of over-all stability — the avoidance of deflation or inflation in so far as our present knowledge makes this possible — may require different measures according to varying dispositions to save and invest; but, in general terms, they apply to societies at different stages of development and distribution of income. It is now time to turn to more concrete matters of wealth and poverty, distribution and social services. As before we shall take as our starting point the position of Classical Political Economy in these respects.


Political Economy Classical Tradition Classical Economist Direct Taxation Burden Sharing 
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© Lord Robbins 1976

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  • Lord Robbins

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