Unemployment solved ! A breakthrough in economic theory
AbstractSince the early 1970s Western economies have been plagued by mass unemployment and the threat of inflation. Over the years since then various economists have proposed various possible solutions, but never quite convincing w onses ones. Now there is a novel analysis that means a breakthrough in economic theory. The present author is quite certain that the missing link in the model has been found. If true, this analysis offers qguidelines for full employment under price stability, just axzs as Western economies enjoyed in the 1950s. The main point is: don't tax lowly productive labour. Why ? To keep it compettitive so that more productive labour will not demand inlflationary pay rises. Though this new analysis is only in the stage of presentetation and introduction at the scientific fora, there is no reason to withhold the presetn rough scetch for a general public.
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Bibliographic InfoPaper provided by EconWPA in its series General Economics and Teaching with number 9604002.
Length: 4 pages
Date of creation: 17 Apr 1996
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Find related papers by JEL classification:
- A - General Economics and Teaching
This paper has been announced in the following NEP Reports:
- NEP-ALL-1998-10-02 (All new papers)
- NEP-LTV-1998-10-02 (Unemployment, Inequality & Poverty)
- NEP-PKE-1998-10-05 (Post Keynesian Economics)
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