For full employment also execrated a by-product highly poisonous to the health of the nation's economy as a whole: the so-called "wage-price" spiral of inflation. This weakened the cost-competitiveness of British exports, so in turn menacing the balance of payments, the international standing of the pound, the survival of the Sterling Area, and ultimately the grandiose but wobbly facade of Britain as a world power. Moreover, even full employment's comforting warm milk of abundant pay-packets and easy profits only served to render the British economy at home fat and flabby, so that even dud companies (especially in older technologies) found it easy to keep bumbling along.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "For full employment also execrated a by-product highly poisonous to the health of the nation's economy as a whole: the so-called "wage-price" spiral of inflation. This weakened the cost-competitiveness of British exports, so in turn menacing the balance of payments, the international standing of the pound, the survival of the Sterling Area, and ultimately the grandiose but wobbly facade of Britain as a world power. Moreover, even full employment's comforting warm milk of abundant pay-packets and easy profits only served to render the British economy at home fat and flabby, so that even dud companies (especially in older technologies) found it easy to keep bumbling along." in the context of "p. 428" to mean that wisdom is timeless.