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Full employment abandoned: shifting sands and policy failures

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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).

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Bibliographic Info

Article provided by Inderscience Enterprises Ltd in its journal Int. J. of Public Policy.

Volume (Year): 5 (2010)
Issue (Month): 4 ()
Pages: 295-313

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Handle: RePEc:ids:ijpubp:v:5:y:2010:i:4:p:295-313

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Web page: http://www.inderscience.com/browse/index.php?journalID=97

Related research

Keywords: full employment; macroeconomic policies; job guarantees; policy failures; economic theories; Organisation for Economic Cooperation and Development; OECD Jobs Study 1994; unemployment; employment guarantees; job guarantee; public policy; governance.;

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Cited by:
  1. Eric Tymoigne & L. Randall Wray, 2013. "Modern Money Theory 101: A Reply to Critics," Economics Working Paper Archive wp_778, Levy Economics Institute.
  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, vol. 29(2), pages 233-248, April.
  4. Lawn, Philip, 2011. "Wake up economists! - Currency-issuing central governments have no budget constraint," MPRA Paper 28224, University Library of Munich, Germany.
  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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