ABSTRACT
So far in these lectures I have been dealing with the problem of Exchange Equilibrium – first barter then Multiple Exchange. I want now to enlarge the scope of our investigations and to proceed to the discussion of Equilibrium of Production – or that part of the theory of Equilibrium of Production which deals with Equilibrium of Production when the supplies of the factors of production are given. That is to say the relations I shall be contemplating in this and the following lecture are – roughly speaking – the relations contemplated in J.B. Clark’s celebrated discussion of the Static State.
