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activities additional applied argued average believe Britain capital cause cent century changes Chapter concerned consume consumption continued costs countries course curve cycles demand depends depression determined developed economic economists effect employed employers equal equilibrium existence expectations explained fact factors fall follow force Friedman funds given groups higher ideas important income increase industries inflation interest investment Keynes labour less looking manufacturing marginal measures million natural natural rate occupations operate output percentage period Phillips policies political population possible present problem production profit proportion raised reason reduced remain result rise Routh saving seeking shows social society statistics structural suggests supply Table theory trade unions unemployed unemployment United United Kingdom wages women workers