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Excerpt from The Problem of the Unemployed, an Enquiry and an Economic Policy
It is hoped that this restatement of the position, by its specific application to the concrete problem of the unem ployed and by the central importance assigned to the idea of Under-consumption, may avoid some of the mis understanding to which earlier statements were liable. By its explanation of Unemployment as a natural and necessary result of a mal-distribution of consuming-power, contained in economic rent and super¿uous elements of profit, the argument claims a distinct place in the theory of social progress.
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