31.   In free market economic theory, perfectly competitive markets achieve an efficient allocation of resources by balancing demand and supply through the price mechanism.

32.   In retrospect the debates on the Bill had a curious air of unreality... government spokesmen often seemed to be stating simple lessons in economic theory...

33.   Right, economic theory tells us that production will continue in, in the short run providing average variable costs are covered.

34.   Okay our, our economic theory assumes our economic theory assumes that both labour and capital are perfectly mobile.

35.   In fact, the economic theories and the social assumptions of middle-class liberalism were at odds with each other.

36.   -- which was developed to explain the very real and painful phenomenon of large-scale unemployment.

37.   In standard economic theory it is argued that regulation is required if market failures occur.

38.   Although Gramm attended military school in Georgia, he was far more interested in economic theory than battlefield strategy.

39.   Amid the profusion of contradictory advice, sometimes it seems as if economic theory has no underlying logic at all.

40.   And he becomes unusually animated when he talks about the first days of his love affair with economic theory.