Working Paper No. 213 | November 1997

Government As Employer of Last Resort

Full Employment without Inflation

Since the Employment Act of 1946 a stated policy of the United States government has been to pursue simultaneously high employment and stable prices. However, because many economists and policymakers do not believe that it is possible to have both high employment and stable prices, monetary policy has generally been geared, at least for the past two decades, toward increasing unemployment as a means to achieving stable prices. Senior Scholar L. Randall Wray demonstrates that stable prices and "truly full employment" are in fact compatible with each other if a properly targeted employment program is used.

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