15/08/06 17:23:37.57 kHwnd5y7.net
>>166の続き
Wage rates tend to be among the less flexible prices. In consequence,
an incipient deficit that is countered by a policy of permitting or
forcing prices to decline is likely to produce unemployment rather than,
or in addition to, wage decreases. The consequent decline in real income
reduces the domestic demand for foreign goods and thus the demand for
foreign currency with which to purchase these goods. In this way,
it offsets the incipient deficit. But this is clearly a highly inefficient
method of adjusting to external changes. If the external changes
are deep-seated and persistent, the unemployment produces steady
downward pressure on prices and wages, and the adjustment will not
have been completed until the deflation has run its sorry course.