ABSTRACT
This famous paper, prepared by James Meade and P. W. S. Andrews, is better known in the abbreviated form in which it was reprinted in T. Wilson and P. W. S. Andrews (eds), Oxford Studies in the Price Mechanism (Oxford: Clarendon Press, 1951), pp. 27–31. The original version, which appeared in Oxford Economic Papers, vol. 1 (1938), pp. 14–31, is reproduced here.
