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Joan Robinson -
Market
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When a large part of the market for British textiles was in the colonies, a fall in the price of tea and cocoa caused unemployment in Lancashire.
Joan Robinson
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It is much easier to organize control over one industry serving many markets than over one market served by the products of several industries.
Joan Robinson
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But once we bring historical time into the argument, it is not so easy to present the free play of the market as an ideal mechanism for maximizing welfare and securing social justice.
Joan Robinson
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But, as soon as speculators become an important influence in the market, their business is to speculate on each others behaviour.
Joan Robinson
Quote of the day
I don't say 'Tis impossible for an impudent man not to rise in the world, but a moderate merit with a large share of impudence is more probable to be advanced than the greatest qualifications without it.
Lady Mary Wortley Montagu
Joan Robinson
Creative Commons
Born:
October 31, 1903
Died:
August 5, 1983
(aged 79)
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