ABSTRACT
Let me begin with the word ‘adjustment’ which is now employed to denote a special problem. The whole discipline of economics is simply a study of adjustment in the most general sense. The word itself could stand as a generic term for all the particular changes and processes the totality of which constitutes economic growth. Then why has it come to denote a problem? When we define a social problem, the assumption is that there must be something that government can and should do about it. Our question is simply: what can government do to assist industrial adjustment? Nobody has a convincing answer to it-which, I shall try to show, is not surprising.
