This book dismantles the arguments used by policy makers to justify
the abandonment of full employment as a valid goal of national
governments. Bill Mitchell and Joan Muysken trace the theoretical
analysis of the nature and causes of unemployment over the last 150
years and argue that the shift from involuntary to 'natural rate'
conceptions of unemployment since the 1960s has driven an
ideological backlash against Keynesian policy interventions. The
authors contend that neo-liberal governments now consider
unemployment to be an individual problem rather than a reflection
of systemic policy failure and that they are content to use
unemployment as a policy instrument to control inflation and coerce
the unemployed with work tests and compliance programmes rather
than provide sufficient employment. They present a comprehensive
theoretical and empirical critique of this policy approach, with a
refreshing new framework for understanding modern monetary
economies. The authors show that the reinstatement of full
employment with price stability is a viable policy goal that can be
achieved by activist fiscal policy through the introduction of a
Job Guarantee. Full Employment Abandoned will appeal to graduate
and postgraduate students and researchers of economics and politics
with an interest in macroeconomic policy and the labour market,
particularly unemployment and neo-liberal policy frameworks.
General
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