Word: disequilibrium
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...That some professions, through restrictive practices, further aggravate the disequilibrium between supply and demand, does not improve the situation...
...prices are set by purely competitive mechanisms. But farmers have shown an appalling ignorance of classical economic theory by failing to "leave the industry" in depressed times. Ever since 1920, there have been more farmers in the country than farming needs. Some people argue that subsidy plans prolong this disequilibrium; others say that government regulation of farming is necessary to make the farmer's life tolerable and that the disquilibrium would never end anyway...
...Harvard Hall is the most irritating bottle-neck of this exuberant academic era. But to him who stands aside to watch men and women queuing up for knowledge instead of nylons, the scene is full of delectation. Perhaps the show is gross deception; it may be a purely quantitative disequilibrium of supply and demand for wooden seats. Yet the illusion persists that there is a qualitative element slipped in, that a dwindling coefficient of wooden heads is a determinant in the equation...
...forestall such competitive revaluations of currency as had brought chaos to international trade in the '30s, Fund members have pledged themselves not to make revaluations except to rectify fundamental disequilibriums in their economies. But what is a fundamental disequilibrium? Does it, asked the British, cover "unemployment of a chronic or persistent character" caused by an unfavorable export-import balance...
Small Prospects. The soundness of the broad interpretation of "fundamental disequilibrium" would be a long time in the proving. Fund Managing Director Camille Gutt told the conference that stabilization of the world's currencies is "not immediately feasible." Values may be set on the more stable currencies "within the next few months." But for many of the war-sick economies of Europe and Asia a valuation was at least a year away...