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Economists and politicians drew ____ key lessons from inter-war economic experiences.

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Detailed Solution

Politicians and economists learned two important lessons from the interwar economy. First, without mass consumption, an industrial society based on mass production cannot survive. But there was a need for high and steady earnings to assure widespread consumption. If work was unreliable, incomes could not be stable. Thus, consistent, full employment was also necessary for stable wages. However, markets by themselves couldn't ensure full employment. Therefore, governments would need to take action to reduce price, output, and employment swings. Only via government intervention could economic stability be guaranteed.

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