Cyclical Fluctuations in Income and Employment
Although today 6 per cent of the working population are unemployed, this compares favourably with pre-war Britain, where, in the worst year of 1932, the national unemployment rate was 22.1 per cent. Unemployment results in machines, land and buildings standing idle; as a result the standard of living is lower than it need be. But the real curse is the human misery that results. Many persons, without work for years, lose hope of ever finding a job; in any case skills deteriorate as the period of unemployment lengthens. Thus unemployment is usually discussed in terms of labour.
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