Briefly summaries the two lessons learnt by economists and politicians from the inter-war economic experience.

Q.:- Briefly summaries the two lessons learnt by economists and politicians from the inter-war economic experience.

 

Answer:-

Two lessons learnt by economists and politicians from the inter-war economic experience were 

(i) An industrial society based on large production is unsustainable without consumption on a large scale. For this high and permanent incomes through full employment are necessary.
(ii) Economic links of country should be maintained with the outside world or other countries. To provide full employment, the governments must be well equipped with the power to control the flow of capital, labour and goods.