* * * * One passage in this address might
have been specially written for the benefit of the Trades Union Congress, whose proceedings we have discussed elsewhere :— .
" A balance must be struck between the demand for higher earnings and the demand for more leisure, for, if both demands are beshed to such an extreme that, if either were granted, the whole nefit of increased productive power would be exhausted, then the grant of the one excludes the grant of the other ; and if both were, under these conditions, simultaneously asked for and granted, a new dkcouilibrium of costs and prices would be, set up, which would inevitably cause a new wave of unemployment until further advances in technique and organization had been achieved."
In the subsequent discussion Professor Henry Clay, whose opinions are always important, though not denying the probable effects of Rationalization on employment, suggested that Rationalization in this country had not proceeded far enough yet to affect employment decisively.
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