First Sentence:
When labour and equipment in the whole or any part of an industry are rendered idle by a strike or lock-out, the national dividend must suffer in a way that injures economic welfare.
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Key Phrases - Statistically Improbable Phrases (SIPs):
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practicable bargains, decreasing supply price, increasing supply price, constant supply price, marginal net product, national dividend, marginal supply price, neutral transferences, differential transferences, marginal social net product, deterrent conditions, dismissal method, equilibrium firm, absolute share, casual method, discriminating monopoly, industrial remuneration, unfair wages, aggregate real income, simple monopoly, ideal output, ration scale, additive cost, premium plans, marginal occupations
Key Phrases - Capitalized Phrases (CAPs):
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Royal Commission, Poor Laws, New Zealand, Board of Trade, United Kingdom, Economic Journal, Bureau of Labour, Labour Gazette, New South Wales, Trade Board, Bulletin of Labour, Conciliation Board, Great Britain, Great War, Industrial Commission, Llewellyn Smith, Ministry of Labour, Wages Boards, Minority Report, National Union, Principles of Economics, Professor Moore, Quarterly Journal of Economics, Want of Employment, Aged Poor
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