Full Employment Regained? (Department of Applied Economics Occasional Papers, Series Number 61)

This book condemns neglect of macroeconomic analysis in designing Full-Employment policies. The money value of total domestic production rather than the price level should be the objective of a combined fiscal-monetary policy emphasizing low interest rates rather than low tax rates. Full Employment without unacceptable inflation or poverty needs radical reforms, such as labor-capital partnerships, low real wage rates offset by a universal tax-free social benefit, abolition of national insurance contributions, and highly progressive taxation of income and wealth for budget surpluses to redeem national debt. Free international movements of capital funds impede independent national reforms.

This book condemns neglect of macroeconomic analysis in designing Full-Employment policies. It argues that the money value of total domestic production, rather than the price level, should be the objective of a combined fiscal-monetary policy emphasizing low interest rates, rather than low tax rates.