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But all it means that we can speak about change in the data, only if There is a balance in the first sense that is if expectations coincide. If They contradict one another any development of external events canTo lead to realisation of expectations of one people and a deceit of expectations of others and
It will be impossible to decide, in what change in the objective data consisted. 1939)., Compare
My article: "The Maintenance of Capital", Interest, Economica, 265, Investment (London,
It is reprinted in Profits, 1935) and II (new ser.
In application to company we can speak about an equilibrium state in any Time moment, but it only means that the various plans made Individuals for the actions at present, are mutually compatible. And
Balance, it is necessary to it to be established, it will be saved, while the external data
Will correspond to the general for all members of company to expectations.
Duration of an equilibrium state in this sense does not depend on a constancy
The objective data in absolute sense, and it is not necessarily reduced to
To stationary process. The equilibrium analysis basically becomes applicable and to
To progressing company, and to those intertime price parities, which So much troubles gave recently to our. [This branch of concept
Balance from concept of a steady state it is represented to me not than other,
As an inevitable result of the process proceeding long enough. Today,
Possibly, as all it is felt that these two concepts are connected not as a matter of fact, but only in
Force of historical circumstances. If the complete branch still has not taken place,
That, apparently, only because was not offered till now any Alternative definition of the equilibrium state which has allowed
To formulate in a general view those positions of the equilibrium analysis, which, on
Essences, do not depend on concept of a steady state. Obviously despite it,
That it the part of positions of the equilibrium analysis is not calculated completely not on
Application only to a steady state, it, possibly, never and not It will be reached. Apparently, branch process has begun with Marshall and
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