Re: Conference on Saving and Investment

[ECWFM@xxxxxxxxxxxxxxxxxxx]

>

>In addition to a radical change in the mode of income distribution, genuine
>full employment also requires a radical change in the organisation of
>production.  As Kalecki realised in 1943, long run full employment is
>unsustainable for "political" reasons; i.e., full employment reduces the
>threat of dismissal.  As such redistribution _per se_, how ever desireable,
>will not do the job so long it ignores conflict over the labor process.

>None of this is to argue that the "NAIRU" is independent of demand management
>policies.  As much of Western Europe shows, persistently running an economy
>with 10% unemployment will raise the "NAIRU" (hysteresis).  A more accurate
>term would be the "social and historical rate"...

>	Rich Parkin
>	Case Western Reserve
>	Tropical Cleveland
>	(216) 368-4294 (w)

isn't life fabulous - i have found someone i agree with wholeheartedly - must
be a heterodox person, or maybe even a post keynesian.

kind regards

bill
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* William F. Mitchell           Telephone: +61-49-215027                    *
* Department of Economics                  +61-49-705133                    *
* University of Newcastle       Fax:       +61-49-216919                    *
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