The Crux: Demand and Employment
economy, and that the abstract arithmetical average of the fruits of efficiency can be readily passed along by the two million or so firms having at least one employee, acting as society's agent. But this leap from the aggregate to the individual is not logically permissible. Whether any firm can or will pass along an equivalent wage increase depends on its cost-priceprofit position, as we have noted. To assume that somehow each firm can