PLANNED ECONOMY.

Auckland Star, Volume LXV, Issue 173, 24 July 1934, Page 3

PLANNED ECONOMY.

COMPETITIVE EQUILIBRIUM. ADDRESS BY MR. H. D. DICKINSON. "It is a fact that competitive equilibrium is a fundamental principle of economics, but the danger is stopping ' there," said Mr. IT. D. Dickinson, of Leeds, exchange lecturer at the Auckland University College, in the course of an address at a luncheon meeting of the Auckland chapter of the New Zealand Institute of Certified Secretaries in Messrs. Milne and Choyce's reception hall, this afternoon. Mr. W. M. Barton, chairman of the Auckland chapter, presided. "Competitive equilibrium is more a standard of comparison—an ideal," continued Mr. Dickinson. "With such public services as transport, gas, electricity and water unrestricted competition is not likely to give the best results and economists are chary of suggesting the abolition of restrictions." Great advances had been made in economic thought on money, said the lecturer, and importance was attached to bank credit, or the actual circulation medium, rather than the old idea of exchanges and gold movements. Modern economists were concerned with the quantity of credit and the way it was used, whereas 50 years ago they thought more pf the quantity of money. In conclusion, Mr. Dickinson urged the economic planning of both individual businesses and industry as a whole, and showed how a policy of rationalisation would help to restore economic soundness.