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...in conditions of full employment, such as we have today, it is clear that the bargaining power of Trade Unions is very strong. Employers in general can sell all they can produce profitably and are afraid that they will never get their labour back if they once lose it. Workers know that there is plenty of work available. Thus there is no real obstacle to the steady increase in wages, which in turn leads to corresponding increases in prices. I must tell my colleagues that I do not see any easy answer to this problem. (en) |
