ABSTRACT
One of the obstacles to a successful employment policy is, paradoxically enough, that it is so comparatively easy quickly to reduce unemployment, or even almost to extinguish it, for the time being. In England the recent discovery of this drug has produced a some-what intoxicating effect; and the present tendency to place exclusive reliance on its use is not without danger. Demand shifts constantly to new articles and industries, and the more rapidly we advance the more frequent such changes become. In normal times employment depends much more on the relation between wages in the different industries—or, rather, on the degree of mobility which the wage structure allows.
