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Although the current world recession has deflected interest away from the question of supply adequacy, it remains a long‐term problem. To be sure, inventories are now being liquidated and raw material prices are falling, but as we look ahead to 1976 it is possible again to see a situation in which demands are pressing against capacity constraints. In the past it was commonly accepted that firms should expand their capacities ahead of increases in demand (and, if possible, ahead of their competitors' capacity increases). This approach is now being debated, as part of a broader questioning of some guidelines that have frequently been followed by business managers and executives.

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