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EURO ISSUES-Costly in the Long Run

labour and employment to eliminate such rigidities" It is the technological choices of the owners of capital underwritten by the capital-supporting fiscal incentives offered by an obliging government, and not the supposed rigidities of the labour market, which have been responsible for reducing employment in medium and large industries. The government's attempt to relax labour laws and regulations will serve only to reduce the earnings and purchasing power of even the small relatively organised segment of the workforce and in the long run tighten the demand constraint on the industrialisation of the country.

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