Full Employment Abandoned

Full Employment Abandoned: Shifting Sands and Policy Failures Post-Keynesian economists Bill Mitchell and Joan Muysken examine the evolution and abandonment of full employment policies in developed economies. The book analyzes historical shifts in economic thinking, from the post-WWII commitment to full employment to the rise of inflation-targeting frameworks. Through ten chapters divided into three parts, the authors trace how the Phillips Curve and NAIRU concepts influenced policy decisions and led to a focus on inflation control over employment goals. The work presents detailed critiques of mainstream macroeconomic theories while proposing alternative approaches based on Modern Monetary Theory. This comprehensive economic text challenges conventional wisdom about unemployment and monetary policy, presenting arguments for renewed focus on achieving full employment through fiscal activism and price stability mechanisms. The analysis serves as both a historical record of policy changes and a blueprint for potential economic reforms.

This is a specialized academic economics text that has limited public reviews available online. The few reader reviews found indicate: What readers liked: - Clear explanation of employment policy failures - Strong theoretical basis for Modern Monetary Theory (MMT) - Historical context of economic theory development - Technical rigor appeals to academic economists What readers disliked: - Dense academic writing style limits accessibility - Heavy use of mathematical models and equations - Cost makes it inaccessible to general readers ($150+ for hardcover) Available Ratings: Goodreads: 4.14/5 (7 ratings, 1 review) Amazon: No customer reviews Google Books: No reader reviews Note: This book appears to be primarily used in academic settings rather than for general readership, which explains the limited number of public reviews. Most discussion occurs in academic journals and economics forums rather than consumer review sites.

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🌟 The NAIRU concept emerged in the 1970s during a period of "stagflation," challenging the previously accepted relationship between inflation and unemployment described by the Phillips Curve. 📚 The book's co-author Bill Mitchell is credited with being one of the founding developers of Modern Monetary Theory (MMT), which fundamentally challenges conventional views about government spending and debt. 💼 Post-WWII unemployment rates in most developed nations averaged around 2%, compared to rates of 5-10% that became accepted as "natural" in later decades. 🏢 Joan Muysken, the book's co-author, is a prominent Dutch economist who has extensively researched labor markets and technological change at Maastricht University. 🌍 The shift away from full employment policies coincided with the rise of neoliberal economic thinking in the 1980s, particularly under Reagan in the US and Thatcher in the UK.