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Full Employment: Can It Be a Key Policy Objective for Europe?
Contrary to some recent critiques, the General Theory of the Monetary Circuit approach must be regarded as the most general model of modern economies. On one side, it relies entirely on the anchor of last resort of the modern economy, money, without theoretically stringent assumptions preimposing a...
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Published in: | International journal of political economy 2007-10, Vol.36 (3), p.24-46 |
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container_end_page | 46 |
container_issue | 3 |
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container_title | International journal of political economy |
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creator | Parguez, Alain Bliek, Jean-Gabriel |
description | Contrary to some recent critiques, the General Theory of the Monetary Circuit approach must be regarded as the most general model of modern economies. On one side, it relies entirely on the anchor of last resort of the modern economy, money, without theoretically stringent assumptions preimposing a solution. On the other side, it explicitly aims at a general policy framework by addressing the question of how to establish full employment as the ultimate condition for stable growth. This article analyzes the dynamics of money creation, which allows economic agents to overcome financial constraints on expenditures. It then shows how this general model leads to a genuine full employment policy for the European Union. |
doi_str_mv | 10.2753/IJP0891-1916360302 |
format | article |
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source | Taylor & Francis; PAIS Index; BSC - Ebsco (Business Source Ultimate); JSTOR |
subjects | Economic models Economic policy Economic theory Economics Employment European Union Federal budget deficit Full employment Full employment policies Gross domestic product Labor policy Money Personal debt Political economy Public debt Public investments Studies Trade deficits Unemployment |
title | Full Employment: Can It Be a Key Policy Objective for Europe? |
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