Autori: Arthmar, Rogerio, Hisamatsu, Taro
Titolo: Robert Torrens on Say’s Law and the General Glut
Periodico: History of economic thought and policy
Anno: 2021 - Fascicolo: 1 - Pagina iniziale: 83 - Pagina finale: 105

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 Hawkins-Simon 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.




SICI: 2240-9971(2021)1<83:RTOSLA>2.0.ZU;2-D
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