31.  However, we might pause to speculate how the above formulation of the Keynesian labour supply function came about.

32.  At point B workers have been pushed off their labour supply function but employers remain on their labour demand function, albeit at a different point.

33.  Workers face a choice between work and leisure along the lines suggested in the classical theory of labour supply.

34.  Workers can optimize until they are blue in the face and still remain powerless to reach their notional labour supply function L s.

35.  Workers are off their notional labour supply function, L s, but employers are on their notional labour demand function, L d.

36.  Ample labour supplies permitted the operation of new machines without the need for product wages to rise as fast as productivity.

37.  Towards the end of the postwar boom, an imbalance between accumulation and the labour supply led to increasingly severe labour shortage.

38.  The basic problems -- overaccumulation in relation to the labour supply and sharp decline in profitability -- preceded the oil crisis and would not have evaporated in its absence.

39.  Finally, a negative consequence identified is the pressure on wages, land availability and labour supply.

40.  The factors that are conventionally supposed to matter to investors - labour supply, business costs, infrastructure, and the rest - are actually secondary.