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The Making of a Good Society: Economic Freedom, Instrumentalism, and Government Control

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  • Murray, Michael/ M J
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    Abstract

    The article discusses the incompatibility of promoting individual interests of capitalists and workers with the promotion of macroeconomic goals of society. The article implements the ``instrumental method'' developed by Adolph Lowe, and articulates the separation of microeconomic goals with macroeconomic objectives. Using full employment as a case study, the article articulates the proper role for government in achieving and maintaining full employment in a capitalist society. Further it is seen that such an approach also promotes the self interests of capitalists. The approach taken in this article offers an alternative to the failed policies of neoliberalism.

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    File URL: http://mpra.ub.uni-muenchen.de/28888/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 28888.

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    Date of creation: 14 Feb 2011
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    Handle: RePEc:pra:mprapa:28888

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    Keywords: Instrumentalism; instrumental inference; neoliberalism; F.A. Hayek; Adolph Lowe; full employment; unemployment; employer of last resort;

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    1. Mark Granovetter, 2005. "The Impact of Social Structure on Economic Outcomes," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 19(1), pages 33-50, Winter.
    2. Raphael, Steven & Winter-Ember, Rudolf, 2001. "Identifying the Effect of Unemployment on Crime," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 44(1), pages 259-83, April.
    3. Hamouda, Omar F & Harcourt, G C, 1988. "Post Keynesianism: From Criticism to Coherence?," Bulletin of Economic Research, Wiley Blackwell, Wiley Blackwell, vol. 40(1), pages 1-33, January.
    4. Arestis, Philip, 1996. "Post-Keynesian Economics: Towards Coherence," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 20(1), pages 111-35, January.
    5. Parada, Jairo, 2008. "Post-Keynesian Theory of Business Enterprise and the VeblenianĀ“s Approach: Are there commonalities?," MPRA Paper 16768, University Library of Munich, Germany, revised 10 Jul 2008.
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