TY  - BOOK
AU  - Waterman,Anthony Michael C.
TI  - Economic fluctuations in Australia, 1948 to 1964
SN  - 0708108148
AV  - HC605 .W46
U1  - 330.9'94'05 
PY  - 1972///
CY  - Canberra
PB  - Australian National University Press
KW  - Business cycles
KW  -  Australia — Economic conditions — 1945
KW  - Australia
N1  - Includes index; Includes bibliographical references: p. 214-219
N2  - Market failure at medium intervals is inevitable in a capitalist economy. Such failures may not be seriously seen in the short run because market adjusts demand through hoarding of inventory or import of required goods and services. The market also adjusts demand in the long run through expansion of concerned industrial output and also by the entry of new firms. The crucial variable is price which also adjusts the commodity and the labor market. The problem comes when there are issues of overproduction, over capacity utilization of plants, over liquidation and excess supply of money, change in demand because of change in tastes and habits of consumers, households and the public. All these create knife edge disturbances in the economy.
ER  -