Full Employment Abandoned: Shifting Sands and Policy Failures Review

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Full Employment Abandoned: Shifting Sands and Policy Failures ReviewThere are only 2 books that I know of that are `in paradigm' and the other is Wray's `Understanding Modern Money' which I also highly recommend.
This new book by Bill Mitchell is also solidly `in paradigm' and for those of you not all that interested in the details of unemployment per se I suggest beginning with `Part III' which does an outstanding job of outlining the imperatives of non convertible currency which will serve you well in analyzing today's markets. From monetary operations to fiscal measures, the mainstream economists and media continue to get it wrong. Bill lays down the fundamentals that can help you understand where the mainstream goes astray, and hopefully translate into you getting it right.
Regarding unemployment (aka the `output gap' by today's central bankers), it is readily acknowledge that inflation isn't all that sensitive to changes in unemployment. In their words, "The good news is that the Phillips curve is flat. And the bad news is that the Phillips curve is flat." The essence of what Bill proposes is that an employed labor buffer stock is a far superior price anchor than today's labor buffer stock of employed. And this is one of those things that seems obvious and indeed is absolutely correct, yet entirely overlooked as a policy option.
So click and order a copy or two, jump to Part III, and then start at the beginning to get a leg up on where we are, how we got here, and what policy options are open- particularly a form of full employment that further supports output, growth, and price stability.
Then pass it around your office and send copies to your favorite members of Congress, thanks!Full Employment Abandoned: Shifting Sands and Policy Failures OverviewThe authors' contention in this book is that much of the blame for labour under-utilisation across OECD countries lies with the policy failures of national governments. They argue that at a time when budget deficits should have been used to stimulate the demand needed to generate jobs, restrictions have been placed on fiscal policy by governments influenced by orthodox macroeconomic theory. Monetary policy has also become restrictive, with inflation targeting - either directly or indirectly - pursued by increasingly independent and vigilant central banks. It is illustrated that these misguided fiscal and monetary stances have damaged the capacities of the various economies to produce enough jobs. The book concludes optimistically, outlining an alternative view of macroeconomic theory and policy opportunities.

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