Full employment redefined

For many advanced economies, the early post-war period was characterised by full employment, modest inflation and economic prosperity. Under the guidance of the Keynesian model, fiscal and monetary policy was used for economic stabilisation and to achieve low levels of unemployment on a sustained basis.

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A Word from the Wise

The Conservative belief that there is some law of nature which prevents men from being employed, that it is ‘rash’ to employ men, and that it is financially ‘sound’ to maintain a tenth of the population in idleness for an indefinite period, is crazily improbable – the sort of thing which no man could believe who had not had his head fuddled

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Chancellor for a day…

Mr Osborne’s fiscal austerity agenda has been pursued under the misleading guise of ‘sound’ public finance ostensibly to strengthen the economy’s credibility in international markets and restore economic growth. Yet the required rebalancing of demand from the public to the private sector, particularly private investment and net exports, has not materialised.

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