ABSTRACT
First thoughts about the output of the distributive trades might incline the reader to say that it consists of mini-skirts, packets of detergent, fireside chairs, tins of soup, and all the other things that come out of shops, either in the hands of customers or in retailers' delivery vans. But in this case output seems not to have much meaning, since exactly the same things as come out of the shops also go into them, so that output is apparently no different from input. In fact it is often asked—what do the distributive trades do beyond buying at one price, selling at a higher price, and taking the profit? If this was all they achieved, the traders would not be justified in the eyes of their customers or of anybody else, and the world would learn how to do without them. Obviously, therefore, the output of distributors must amount to something more convincing; but it needs explanation.
