CH. 20

THE EMPLOYMENT FUNCTION

291

point may be reached either before or after full employ-ment has been attained.

IV

There is, perhaps, something a little perplexing inthe apparent asymmetry between Inflation and Defla-tion. For whilst a deflation of effective demand belowthe level required for full employment will diminishemployment as well as prices, an inflation of it abovethis level will merely affect prices. This asymmetryis, however, merely a reflection of the fact that, whilstlabour is always in a position to refuse to work on ascale involving a real wage which is less than the mar-ginal disutility of that amount of employment, it is notin a position to insist on being offered work on a scaleinvolving a real wage which is not greater than themarginal disutility of that amount of employment.