Friday, May 1, 2015

Full Employment, Growth and Immiseration

Once upon a time there was full employment. Full employment after the war, to be exact.

And then there was "growth." Not exactly the same idea as full employment but there was a compelling resemblance.

At last we have arrived at "expansionary contraction" -- otherwise known as austerity (formerly referred to as immiseration). And they all lived happily ever after?

Now, none of the things is "just like" the others. But we can talk about them as if they were "equal in exchange value.".

Or we could mind the gaps.

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