Question

Mention the two key lessons learnt from the inter-war economic experiences by the economists and politicians after the Second World War.

Answer 1

The two lessons learnt by the economists and politicians during the 'Second World War were :

First:  An industrial, society based on mass production needs mass.consumptron. For mass consumption, steady income was necessary and for stable income, full employment was necessary. For this, the. government has to take a step to minimize the fluctuation of price, production, and employment. Hence, economic stability could be ensured by the government intervention.

Second: The goal of full employment could be achieved only if the government control the flow of goods, capital, and labor.