ABSTRACT
Second, it is not proposed that wage rates should be slashed or raised with excessive abruptness to meet all market fluctuations in the demand for labour in the various sectors. The argument is simply that wage rates should be gradually adjusted in the directions needed to promote employment, i.e. at a moderate average rate but with some degree of extra restraint where labour is plentiful and some degree of extra expansion where labour is scarce (see Volume 1, Chapter VIII, Section 3).
