Because Hoover insisted that wage rates stay the same, even though the market-clearing wage rate was falling with productivity and general prices, the result was larger and larger unemployment.

由于胡佛坚持工资不能变，但是随着生产能力和整体价格的下降，市场结清工资早已下调，结果就是一波又一波的失业。

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If labor and other markets are allowed to function without government intervention, there will be a tendency toward market-clearing prices, including relative wage rates and interest rates that reflect time preferences and the productivity of capital.

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