The science of social adjustment / by Sir Josiah Stamp.

  • Josiah Stamp, 1st Baron Stamp
Date:
1937
Catalogue details

Licence: In copyright

Credit: The science of social adjustment / by Sir Josiah Stamp. Source: Wellcome Collection.

    136/192 (page 124)
    ‘ economically misplaced capacity If a large number of hot-houses had been erected liy an enthusiast in Britain, capable of producing melons, could we say that there was a large unused capacity, or potential plenty, when every increase in demand brought in fresh supplies from Nature’s abundance abroad, and left the hot-houses still empty ? I suspect that modern exclusive nationalism and tariff barriers are creating a good deal of economically misplaced capacity of this type. (8) We do not know enough of the basic laws of society to say with confidence, for an individualistic community, that it could ever proceed upon an un¬ varying economic course, upon an eternal even keel. Something in collective psychology, especially given a predisposing accidental variation from without, like a good or bad harvest or an invention, starts up a rhythm of less and more, a cycle of boom and depres¬ sion. Let it be supposed that this rhythm is natural and essential to ultimate progress, that the world moves along best by pulsing, and that we have reduced the amplitude of its fluctuations to a minimum ; let us suppose that at the peak 100 machines of a par¬ ticular type are needed, but at the valley only 90, and that the variety range of 10 is a condition of vigorous economic life. What is the fair point from which to measure special shortage, from which to judge unused ‘ plenty ’ ? Clearly not 100, but 95 at most. I might as well say that the carriage stock we maintain for the special burst of the August Holidays represents during the rest of the year ‘ plenty in the midst of poverty ’. Let it be supposed that by increased purchasing jiower we use it all, then by hypothesis we need a new peak stock for August, unless the travel at that period is