The Project Gutenberg EBook of Supply and Demand, by Hubert D. Henderson

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Title: Supply and Demand

Author: Hubert D. Henderson

Release Date: January 6, 2004 [EBook #10612]

Language: English

Character set encoding: ASCII

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SUPPLY AND DEMAND

By Hubert D. Henderson M.A.

With an Introduction by J.M. Keynes M.A., C.B.

1922.

INTRODUCTION

The Theory of Economics does not furnish a body of settled conclusions
immediately applicable to policy. It is a method rather than a
doctrine, an apparatus of the mind, a technique of thinking, which
helps its possessor to draw correct conclusions. It is not difficult
in the sense in which mathematical and scientific techniques are
difficult; but the fact that its modes of expression are much less
precise than these, renders decidedly difficult the task of conveying
it correctly to the minds of learners.

Before Adam Smith this apparatus of thought scarcely existed. Between
his time and this it has been steadily enlarged and improved. Nor is
there any branch of knowledge in the formation of which Englishmen can
claim a more predominant part. It is not complete yet, but important
improvements in its elements are becoming rare. The main task of the
professional economist now consists, either in obtaining a wide
knowledge of _relevant_ facts and exercising skill in the application
of economic principles to them, or in expounding the elements of his
method in a lucid, accurate and illuminating way, so that, through his
instruction, the number of those who can think for themselves may be
increased.

This Series is directed towards the latter aim. It is intended to
convey to the ordinary reader and to the uninitiated student some
conception of the general principles of thought which economists now
apply to economic problems. The writers are not concerned to make
original contributions to knowledge, or even to attempt a complete
summary of all the principles of the subject. They have been more
anxious to avoid obscure forms of expression than difficult ideas; and
their object has