Three Paths to Full Employment Growth

1963 ◽  
Vol 77 (1) ◽  
pp. 1 ◽  
Author(s):  
John Cornwall
Keyword(s):  
Employment Growth ◽  
Full Employment

Constant Full Employment Growth: The Economic Analysis and Policies of Leon Hirsch Keyserling, Council of Economic Advisors – The Truman Era and Beyond

2018 ◽  
Vol 64 (1) ◽  
pp. 82-94
Author(s):  
W. Robert Brazelton
Keyword(s):  
Economic Analysis ◽  
Federal Reserve ◽  
Employment Growth ◽  
Full Employment ◽  
Economic Policies ◽  
Economic Theories ◽  
Jel Classifications

This article discusses the generalized economic theories and policy prescriptions of Leon Hirsch Keyserling. Keyserling himself was a major author of the Employment Act of 1946, which created the Council of Economic Advisors. He became a member of the first council and later the second chair of the council, both during the Truman presidency. Keyserling also openly criticized the now-famous “Accord” of 1951-1952 between the Treasury and the Federal Reserve. Examination of his work and service links Keyserling’s later 16 economic policies to his goal of “constant full employment growth.” JEL Classifications: E21, E31, E40, E51, N12

Macroeconomic Policy in an Environmentally-Constrained Economy: A Dialectical Materialist Application of the Harrod Growth Model

2019 ◽  
Vol 51 (4) ◽  
pp. 544-552
Author(s):  
Alfredo R.M. Rosete ◽  
Hendrik Van den Berg
Keyword(s):  
Economic Growth ◽  
Employment Growth ◽  
Full Employment ◽  
Jel Classification ◽  
Natural Growth ◽  
Environmental Constraints ◽  
Growth Path ◽  
Resource Constrained ◽  
Macroeconomic Policies ◽  
Macroeconomic Models

After the 2007 financial crisis, most macroeconomists advocated policies to restore economic growth, disregarding the constraints imposed by nature. Because standard macroeconomic models ignore environmental constraints, we propose reviving Harrod’s dynamic model as a useful abstraction of the dialectic of an evolving macroeconomy. Harrod’s model describes how environmental constraints can push the economy into recession, and it explains why traditional macroeconomic policies are unable to put a resource-constrained economy back on a full employment growth path. By clarifying the dialectic conflicts between desired economic growth and natural growth, Harrod’s model also reveals what types of policies can achieve full employment in a resource-constrained economy. JEL Classification: O44, E61, O41, P51

Is money the creation of the state or the market? (On the “modern monetary theory” as described in the textbook by W. Mitchell, L. R. Wray and M. Watts “Macroeconomics”)

2020 ◽  
pp. 121-134
Author(s):  
S. A. Andryushin
Keyword(s):  
Public Debt ◽  
Scientific Community ◽  
Full Employment ◽  
Term Effect ◽  
Scientific Concept ◽  
Monetary Theory ◽  
Left Wing ◽  
Medium Term ◽  
Short Term ◽  
Stimulation Of

In 2019, a textbook “Macroeconomics” was published in London, on the pages of which the authors presented a new monetary doctrine — Modern Monetary Theory, MMT, — an unorthodox concept based on the postulates of Post-Keynesianism, New Institutionalism, and the theory of Marxism. The attitude to this scientific concept in the scientific community is ambiguous. A smaller part of scientists actively support this doctrine, which is directly related to state monetary and fiscal stimulation of full employment, public debt servicing and economic growth. Others, the majority of economists, on the contrary, strongly criticize MMT, arguing that the new theory hides simple left-wing populism, designed for a temporary and short-term effect. This article considers the origins and the main provisions of MMT, its discussions with the mainstream, criticism of the basic tenets of MMT, and also assesses possible prospects for the development of MMT in the medium term.

Is technological change a devourer of jobs?

2017 ◽  
pp. 111-140 ◽  
Author(s):  
R. Kapeliushnikov
Keyword(s):  
Technological Change ◽  
Critical Analysis ◽  
New Technologies ◽  
Employment Growth ◽  
Foreseeable Future ◽  
Employment Effects ◽  
Technological Unemployment ◽  
Micro Level ◽  
Task Sets ◽  
The Impact

The paper provides a critical analysis of the idea of technological unemployment. The overview of the existing literature on the employment effects of technological change shows that on the micro-level there exists strong and positive relationship between innovations and employment growth in firms; on the sectoral level this correlation becomes ambiguous; on the macro-level the impact of new technologies seems to be positive or neutral. This implies that fears of explosive growth of technological unemployment in the foreseeable future are exaggerated. Our analysis further suggests that new technologies affect mostly the structure of employment rather than its level. Additionally we argue that automation and digitalisation would change mostly task sets within particular occupations rather than distribution of workers by occupations.

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