mutton, to beef and hides, as surely as to commodities which are
produced quite independently. It is true that this equilibrium is a
rough, imperfect one; and it may happen that what is called a "glut"
of wool may co-exist for a short period with what is called a scarcity
of mutton. But qualifications of this nature are in the strictest
sense of the phrase, the exceptions which prove the rule. For the
departures from equilibrium which gluts and scarcities represent are
always transient and are usually confined within narrow limits. A
strong prevailing trend towards an adjustment of demand and supply is
unmistakably manifest amid all the vagaries of changing circumstance.
Let me carry the argument a step further for the benefit of any reader
who is restrained by a repugnance too deep and instinctive to be
readily overcome, from admitting fairly to his mind that conception of
order which I am endeavoring to emphasize. He will in all probability
be one who, cherishing ideals of a better and fairer system of
society, looks forward to a time when an organized coöperation will be
substituted for what he regards as the existing chaos. Let us suppose
that his visions were fulfilled as completely as he could desire; and
that an immense system of Socialism were in existence, embracing not
one country only, but the whole world. Suppose all the difficulties of
human perversity and administrative technique to have been surmounted
and a wise, disinterested executive to be in supreme control of our
business life. Let us suppose all this, and ask only the question: How
would this executive treat the humdrum case of wool and mutton? How
would it decide the number of sheep it would maintain?

Shall we suppose that it is inspired by the ideal "to each according
to his need," and that it resolves accordingly that the commodities
which people require for a decent standard of life shall be supplied
to them as a matter of course? How, then, would it proceed? It might