More from Einstein:
My personal opinion is that those methods are in general preferable which respect existing traditions and habits so far as that is in any way compatible with the end in view. Nor do I believe that a sudden transference of economy into government management would be beneficial from the point of view of production; private enterprise should be left its sphere of activity, in so far as it has not already been eliminated by industry itself by the device of cartelization.

There are, however, two respects in which this economic freedom ought to be limited. In each branch of industry the number of working hours per week ought so to be reduced by law that unemployment is systematically abolished. At the same time minimum wages must be fixed in such a way that the purchasing power of the workers keeps pace with production.

Further, in those industries which have become monopolistic in character through organisation on the part of the producers, prices must be controlled by the state in order to keep the issue of capital within reasonable bounds and prevent artificial strangling of production and consumption.
In this way it might perhaps be possible to establish a proper balance between production and consumption without too great a limitation of free enterprise and at the same time to stop the intolerable tyranny of the owners of the means of production (land and machinery) over the wage-earners, in the widest sense of the term. (Albert Einstein, 1934)