THEORYOFEMPLOYMENT
thirddayasonthesecond，andsoon，eventhoughtherebenofurtherchangeinexpectations。Inthecaseofshort-termexpectationsthisisbecausechangesinexpectationarenot，asarule，sufficientlyviolentorrapid，whentheyarefortheworse，tocausetheabandonmentofworkonalltheproductiveprocesseswhich，inthelightoftherevisedexpectation，itwasamistaketohavebegun；whilst，whentheyareforthebetter，sometimeforpreparationmustneedselapsebeforeemploymentcanreachthelevelatwhichitwouldhavestoodifthestateofexpectationhadbeenrevisedsooner。Inthecaseoflong-termexpectations，equipmentwhichwillnotbereplacedwillcontinuetogiveemploymentuntilitiswornout；whilstwhenthechangeinlong-termexpectationsisforthebetter，employmentmaybeatahigherlevelatfirst，thanitwillbeaftertherehasbeentimetoadjusttheequipmenttothenewsituation。
Ifwesupposeastateofexpectationtocontinueforasufficientlengthoftimefortheeffectonemploymenttohaveworkeditselfoutsocompletelythatthereis，broadlyspeaking，nopieceofemploymentgoingonwhichwouldnothavetakenplaceifthenewstateofexpectationhadalwaysexisted，thesteadylevelofemploymentthusattainedmaybecalledthelong-periodemployment[46]correspondingtothatstateofexpectation。Itfollowsthat，althoughexpectationmaychangesofrequentlythattheactuallevelofemploymenthasneverhadtimetoreachthelong-periodemploymentcorrespondingtotheexistingstateofexpectation，neverthelesseverystateofexpectationhasitsdefinitecorrespondingleveloflong-periodemployment。
Letusconsider，firstofall，theprocessoftransition[Page49]EXPECTATION
ANDEMPLOYMENT