ABSTRACT
In his notes on the 1938/39 lectures, Urquidi, under the heading PART IV DYNAMICS, covers ‘The theory of profits’ (16/5/39), ‘The adaptation of the system to unexpected change: (1) Unexpected changes in relative demand and supply’ (which discussed Marshall’s period analysis and notion of quasi rents) (23/5/39 and 30/5/39), ‘Equilibrating and disequilibrating tendencies’ (30/5/39 and 6/6/39) and ‘(2) Unexpected changes in monetary circulation’. The material for the first two topics derives from Robbins’s old notes on ‘Profits’ and ‘Rent, quasi rent and costs’. The third topic, ‘Equilibrating and disequilibrating tendencies’, introduces the cobweb theorem.
