A contribution appeared in the previous issue of Panoeconomicus reviewed the theoretical arguments brought by Alain Parguez and Jean Gabriel Bliek in support of their idea of assigning a full employment objective to European economic policies and their coordination (Bliek and Parguez (2007) and Parguez (2007b)). Without pretending at exhaustiveness, this contribution reviews and partly extends the empirical evidence they presented in support of their argument with reference to selected macroeconomic developments in several countries and different historical periods, in particular for the US, Canada, Japan and the EU. It confirms the descriptive power of the circuit and its relevance for the discussion of alternative economic policies, in particular in the field of employment. Together with the previous article, it shows that the circuit can be used to update economic policy thinking, nourishing also the necessary democratic debate amongst policy alternatives.
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Paper provided by Faculty of economics, Department of Economics in its series Working Papers with number
200823.
Length: 17 pages Date of creation: Jan 2008 Date of revision:
Jun 2008 Publication status: Published in Panoeconomicus, June 2008, pages 167-184 Handle: RePEc:voj:wpaper:200823
Find related papers by JEL classification: D5 - Microeconomics - - General Equilibrium and Disequilibrium E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian H5 - Public Economics - - National Government Expenditures and Related Policies H6 - Public Economics - - National Budget, Deficit, and Debt E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
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