In 1829 the then-young economist John Stuart Mill put his finger on how it was that there could be excess supply of everything in the economy – of pretty much all currently produced goods and services and all kinds of workers. Previous economists had asserted a “metaphysical necessity” that excess supply of one commodity be matched by excess demand for another: that if there were unemployed cobblers then there were desperate consumers frantically looking for more seamstresses, and thus the economy's problems were never those of a general shortage of demand but of structural adjustment. These thinkers, Mill was the first to point out, had forgotten about the financial sector. If there was an excess demand for financial assets, then there could be an excess supply of everything else – what we call a depression.
1829年，当时还很年轻的manbetx20客户端下载 学家约翰•斯图亚特•穆勒(John Stuart Mill)指出了manbetx20客户端下载 中过度供应（包括目前生产的所有商品和服务以及各种类型的工人）是怎么一回事。以前的manbetx20客户端下载 学家主张一种“形而上的必然性”，即如果一种商品过度供应，就必然存在对另一种商品的过度需求：如果有鞋匠失业，那么就会有顾客迫切需要更多的女裁缝，因此manbetx20客户端下载 的问题从来不是需求普遍短缺的问题，而是结构性调整问题。穆勒率先指出，这些学者没有考虑金融业。如果对金融资产存在过度需求，那么就可能存在其它所有商品过度供应的情形——我们称之为萧条。