THE END OF LAISSEZ-FAIRE

time required for adjustments is long, (5)when ignorance prevails over knowledge, and(6) when monopolies and combinations inter-fere with equality in bargaining—they reserve,that is to say, for a later stage their analysis ofthe actual facts. Moreover, many of thosewho recognise that the simplified hypothesisdoes not accurately correspond to fact con-clude nevertheless that it does represent whatis “ natural ’’and therefore ideal. They regardthe simplified hypothesis as health, and thefurther complications as disease.

Yet, besides this question of fact, there areother considerations, familiar enough, whichrightly bring into the calculation the cost andcharacter of the competitive struggle itself,and the tendency for wealth to be distributedwhere it is not appreciated most. If we havethe welfare of the giraffes at heart, we mustnot overlook the sufferings of the shorternecks who are starved out, or the sweet leaveswhich fall to the ground and are trampledunderfoot in the struggle, or the overfeedingof the long-necked ones, or the evil look of33 3