by the Sandwichman
Sixty-seven years ago, Michal Kalecki nailed it. The economics of full employment is not rocket science. It's the politics, stupid.
"That is not to say that people who advance them [politically-motivated doctrine advanced as economic arguments] do not believe in their economics, poor though this is. But obstinate ignorance is usually a manifestation of underlying political motives."
"Political Aspects of Full Employment" was published in The Political Quarterly (!) in 1943 and was based on a lecture delivered at Cambridge in the spring of 1942. Sandwichman will post it to EconoSpeak in 14 installments.
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