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Employment without Inflation (Paperback)
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Employment without Inflation (Paperback)
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The world economy has undergone a fundamental transformation in
recent decades and theoretical structures inherited from the 1930s
through the 1950s, while retaining large elements of truth, are
inadequate to deal with current problems. Benjamin Higgins feels
that for a society such as the United States a fiscal policy needs
to be adopted that can deal simultaneously with existing
unemployment and inflation. He suggests three possible governmental
policies: stimulating a high rate of long-run growth, by use of
reward innovations and by maintaining the highest possible level of
scientific and technical activity; isolating regions that are
generators of inflation and others that are pools for unemployment;
and establishing a system of direct controls similar to those used
in wartime. Higgins describes the transformation of the cogent
prewar business cycle, with its alternations of inflation or
unemployment, then a transitional period of underemployment
equilibrium and secular stagnation, and finally, the strange new
world of today, one with economic fluctuations in the form of
shifting trade-off curves and loops. He then applies his new
paradigm to current problems, showing why they cannot be managed
through macroeconomic monetary and fiscal policy. Higgins offers
case studies of efforts to fight inflation and unemployment, and to
reduce regional gaps, to show their strengths and weaknesses. It
can be said that unemployment always results from too many people
chasing too few jobs, and inflation is always caused by too much
money chasing too few goods and services. Beyond such banal
generalizations, Higgins maintains there is no single cause for
either unemployment or inflation, and thus no single cure can be
prescribed for either, let alone for both at once. Nor is it to be
expected that the appropriate cure will prove to be the same in all
countries at all times. He suggests that an optimal blend of
monetary and fiscal policy that will produce the "minimum
discomfort" is a good start. Employment Without Inflation will be
of direct policy interest to economists, sociologists, and national
planners.
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