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If we continue to use industrial resources for other purposes – defence, housing, etc. – thus preventing the diversion of resources to export work, the rate will continue to fall. ... the basic idea of internal stability of prices and employment, which had dominated economic policy for so long will not be maintainable. It will not be possible to maintain stable internal prices and wages; it will not be possible to avoid unemployment. There will be a continuous process of change and readjustment and much of this will be painful. (en) |
