Governments Can Affect Employment: A Critique of Monetarism, Old and New

Gavyn Davies

Chapter 3 in Conquering Unemployment: The Case for Economic Growth, 1989, pp 49-144 from Palgrave Macmillan

Abstract: Abstract One of the distinguishing features of the present British government is the extremely strong position it has taken on questions which have taxed and puzzled economic theorists for decades. Indeed, it is often remarked within the Conservative Party that a long tradition of Tory pragmatism has been overthrown by the Thatcherite fundamentalists. Nowhere is this clearer than in the realm of employment policy, where the government contends: ‘The one thing clearly not responsible for unemployment is the lack of demand.’ — Employment: The Challenge for the Nation Department of Employment (1985) Note that this is stated without qualification. There is no attempt to distinguish between the short and long term, nor to distinguish real from nominal demand. In this area, the government has always been absolutist

Keywords: Monetary Policy; Inflation Rate; Real Wage; Rational Expectation; Imperfect Competition (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-20173-0_3

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DOI: 10.1007/978-1-349-20173-0_3

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