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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.
This book is a critical review of current fiscal and monetary
policy in Europe and presents results of both empirical research
and a discussion of the theoretical framework behind the policy of
the European Central Bank and the Stability and Growth
Pact.Macroeconomic policy is often hotly debated within the EU.
However, the majority of policy discussions have started from a
shared view of how the economy works. This shared neo-classical
view is also known as the 'Brussels-Frankfurt consensus'. According
to that consensus, European labour markets are too rigid in
comparison to the US labour market. Hence, the prevalent view is
that the European unemployment problem can be solved by increasing
incentives; improving the returns on schooling and redefining the
role and the necessity of labour market institutions. In this
volume the authors argue that it is not at all clear which
institutions cause labour market rigidities and to what extent.
They note that the problem of unemployment requires a much broader
set of solutions, including active labour market policies, policies
concerning schooling and the development of skills. Growth and
Cohesion in the European Union also highlights that these
microeconomic policies will not in themselves provide the solution
to what is essentially a macroeconomic problem. First and foremost
the role of aggregate demand in the determination of unemployment
has to be placed at the forefront of the debate. The extensive
discussion of a broad variety of topics in the field of
macroeconomic policy will ensure this book finds a welcome
readership amongst researchers and academics of European studies
and macroeconomics. Policy advisors will also find much to engage
them as the book provides a critical view on the Brussels-Frankfurt
consensus, currently so dominant amongst European policymakers.
Essays on Money, Banking and Regulation honors the interests and
achievements of the Dutch economist Conrad Oort. The book is
divided into four parts. Part 1 - Fiscal and monetary policy -
reviews a variety of topics ranging from the measurement of money
to the control and management of government expenditures. Part 2 -
International institutions and international economic policy -
looks at the international dimension of monetary and fiscal policy,
with extensive discussion of the International Monetary Fund and
the European Monetary Union. Part 3 - The future of international
banking and the financial sector in the Netherlands - is an
insider's view of the strategic choices facing financial
institutions in the near future. Finally, Part 4 - Taxation and
reforms in the Dutch tax system - is closest to Oort's research and
practice since he has become known as an architect of the 1990
Dutch tax reform; this part is dedicated in particular to the tax
reforms suggested by Oort.
Essays on Money, Banking and Regulation honors the interests and
achievements of the Dutch economist Conrad Oort. The book is
divided into four parts. Part 1 - Fiscal and monetary policy -
reviews a variety of topics ranging from the measurement of money
to the control and management of government expenditures. Part 2 -
International institutions and international economic policy -
looks at the international dimension of monetary and fiscal policy,
with extensive discussion of the International Monetary Fund and
the European Monetary Union. Part 3 - The future of international
banking and the financial sector in the Netherlands - is an
insider's view of the strategic choices facing financial
institutions in the near future. Finally, Part 4 - Taxation and
reforms in the Dutch tax system - is closest to Oort's research and
practice since he has become known as an architect of the 1990
Dutch tax reform; this part is dedicated in particular to the tax
reforms suggested by Oort.
By an international forum of contributors, this is the result of a
conference organized by the Department of Economics of the
University of Limburg and the European Production Study Group. All
aspects of labour market research were discussed relating them to
the unemployment situation in Europe.
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