Full Capacity vs. Full Employment Growth

1952 ◽  
Vol 66 (3) ◽  
pp. 444 ◽  
Author(s):  
D. Hamberg
Keyword(s):  
Employment Growth ◽  
Full Employment ◽  
Full Capacity

Monetary Policy

1962 ◽  
Vol 17 (01) ◽  
pp. 48-63
Author(s):  
H. W. Haycocks
Keyword(s):  
Full Employment ◽  
Severe Depression ◽  
Standard Of Living ◽  
Natural Phenomena ◽  
Human Beings ◽  
Simple Scheme ◽  
Long Period ◽  
Vested Interests ◽  
Full Capacity ◽  
One Year

I first became interested in economics round about 1931 when I started studying for the Fellowship. None of you have experienced what it is like to live through a severe depression. In Liverpool unemployment was some 25% to 30% of the insured population. My brother and two cousins lost their jobs and were out of work for a long period. It was extremely demoralizing for them and the character of one was adversely affected for the rest of his life. This situation influenced me very much and made me an ardent radical. It seemed to me ridiculous that an economy should be working at full capacity one year and at 75% to 50% the next. Something was clearly wrong with the way we organized things. The mistakes were those of human beings and not those of God. (At that time many people did think that such things as trade cycles and rates of interest were natural phenomena.) To my young and simple mind an economic plan seemed a simple scheme to construct and I felt that it was only the obstruction of vested interests and the ignorance of the general public that prevented enlightened people putting into operation a plan that would preserve full employment and a reasonable standard of living for everybody. The experience of recent years suggests that there is much truth in this.

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

scholarly journals THE JOB GUARANTEE: FULL EMPLOYMENT, PRICE STABILITY AND SOCIAL PROGRESS

2019 ◽  
Vol 3 (2) ◽  
pp. 49-65
Author(s):  
DIRK H. EHNTS ◽  
MAURICE HÖFGEN
Keyword(s):  
Social Issues ◽  
Full Employment ◽  
Demand Management ◽  
Social Progress ◽  
Social Benefits ◽  
Price Stability ◽  
Hourly Wage ◽  
Job Benefits ◽  
Full Capacity ◽  
The Government

This paper presents the idea of the Job Guarantee (JG), which is a logical extension of the paradigm of a tax-driven fiat currency. The JG involves the government offering a public purpose-oriented job with a fixed hourly wage and job benefits to anyone willing to work. The JG as a bottom-up approach is locally administered but federally funded. As the analytical lens of MMT reveals, a monetarily sovereign government is always able to provide the spending required. Macroeconomically, the JG works as an automatic countercyclical stabilizer and an excellent tool for aggregated demand management, ensuring the economy is continuously operating at full capacity. On top, the JG uses an employed buffer stock approach as a superior means to maintain price stability. Next to its favourable macroeconomic impacts, the JG offers many social benefits, particularly related to continuous employment, working conditions in the private sector, power relations in the labour market and democracy. While the JG and Universal Basic Income (UBI) are often discussed as comparable, competing policy proposals, the JG addresses more macroeconomic and social issues than the UBI does. This paper concludes that the JG qualifies for being the single most effective policy in order to drive the economy towards continuous full employment and price stability while realizing additional social benefits.

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