ABSTRACT
The purpose of this chapter is to bring our previous analysis, in two important respects, nearer to reality. Hitherto, we have been content to assume, first, that land and labour could be converted into commodities directly and instantaneously, and, secondly, that all the possible ways of doing this were already known. Netiher of these assumptions is at all realistic, but they helped us to identify, in a simplified context, certain fundamental principles of rational choice. The time has now come to abandon them.
