Robert Torrens on Say?s Law and the General Glut

Rog?rio Arthmar and Taro Hisamatsu

HISTORY OF ECONOMIC THOUGHT AND POLICY, 2021, vol. 10, issue 1, 83-105

Abstract: 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.

JEL-codes: B12 B16 B31 B51 (search for similar items in EconPapers)
Date: 2021
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