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Full employment abandoned: shifting sands and policy failures

Author

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  • William Mitchell
  • Joan Muysken

Abstract

This paper briefly analyses the shifts in economic theory that have moved policy makers from unambiguously pursuing full employment to the current state where full employability is justified as being optimal. We also explore how these theoretical developments translated in practice, culminating in the 1994 OECD Jobs Study, which eschewed a role for macroeconomic policy in reducing unemployment. The final sections of the paper outline an alternative view of macroeconomic theory and policy opportunities. We argue that a central plank in modern macroeconomic policy settings should be the introduction of employment guarantees, which we term the Job Guarantee (JG).

Suggested Citation

  • William Mitchell & Joan Muysken, 2010. "Full employment abandoned: shifting sands and policy failures," International Journal of Public Policy, Inderscience Enterprises Ltd, vol. 5(4), pages 295-313.
    • Handle: RePEc:ids:ijpubp:v:5:y:2010:i:4:p:295-313
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    Citations

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    Cited by:

    1. Lawn, Philip, 2011. "Wake up economists! - Currency-issuing central governments have no budget constraint," MPRA Paper 28224, University Library of Munich, Germany.
    2. Drakopoulos, Stavros A., 2010. "Economic Policies, Socieconomic Factors and Overall Health: A Short Review," MPRA Paper 21553, University Library of Munich, Germany.
    3. Scott Baum & William Mitchell, 2010. "Labour Underutilisation and Gender: Unemployment Versus Hidden-Unemployment," Population Research and Policy Review, Springer;Southern Demographic Association (SDA), vol. 29(2), pages 233-248, April.
    4. Eric Tymoigne & L. Randall Wray, 2013. "Modern Money Theory 101: A Reply to Critics," Economics Working Paper Archive wp_778, Levy Economics Institute.
    5. Timothy P. Sharpe, 2013. "Institutional arrangements and public debt threshold limits," International Review of Applied Economics, Taylor & Francis Journals, vol. 27(6), pages 707-728, November.

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