Full Employment Abandoned
Shifting Sands and Policy Failures
William Mitchell, Professor of Economics, Centre of Full Employment and Equity, University of Newcastle, Australia and Joan Muysken, Professor of Economics, CofFEE-Europe, University of Maastricht, The Netherlands
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This book dismantles the arguments used by policy makers to justify the abandonment of full employment as a valid goal of national governments. Bill Mitchell and Joan Muysken trace the theoretical analysis of the nature and causes of unemployment over the last 150 years and argue that the shift from involuntary to ‘natural rate’ conceptions of unemployment since the 1960s has driven an ideological backlash against Keynesian policy interventions.
Contents: Part I: Full Employment: Changing Views and Policies 1. The Full Employment Framework and its Demise 2. Early Views on Unemployment and the Phillips Curve 3. The Phillips Curve and Shifting Views on Unemployment 4. The Troublesome NAIRU: The Hoax that Undermined Full Employment Part II: Full Employment Abandoned: Shifting Sands and Policy Failures 5. The Shift to Full Employability 6. Inflation First: The New Mantra of Macroeconomics 7. The Neglected Role of Aggregate Demand Part III: The Urgency of Full Employment: Foundations for an Active Policy 8. A Monetary Framework for Fiscal Policy Activism 9. Buffer Stocks and Price Stability 10. Conclusion: The Urgency of Full Employment References Index