TY -  JOUR
PY -  2021
SN -  2280-188X
T1 -  Robert Torrens on Say’s Law and the General Glut
JO -  HISTORY OF ECONOMIC THOUGHT AND POLICY
DA -  11/15/2021 12:00:00 AM
DO -  10.3280/SPE2021-001004
UR -  http://www.francoangeli.it/Riviste/Scheda_rivista.aspx?idArticolo=69801
AU -  Hisamatsu, Taro
AU -  Arthmar, Rogério
SP -  83
EP -  105
IS -  1
VL -  10
LA -  EN
AB -  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.
PB -  FrancoAngeli
ER -