Briefly summarise the two lessons learnt by economists and politicians from the inter-war econom...
0Briefly summarise the two lessons learnt by economists and politicians from the inter-war economic experience?
The economist and politicians learnt following two key leesons from the inter-war economic experiences -
* First, an industrial society based on mass production cannot be sustained without mass consumption-mass consumption can be ensured through higher and stable incomes - higher and stable incomes are ensured with steady and full employment of the people. * Since, market alone could not guarantee full employment of the people, government must intervene to minimise price fluctuations, output and employment.
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Hilt * Thes, economic stability can be ensured through the
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