Re: Full Employment is what?

[Bill Mitchell <ecwfm@xxxxxxxxxxxxxxxxxxxxxxx>]

At 12:13 PM 05/29/2001 -0700, you wrote:
> Is it a safe assumption that all thinkers on the subject of
> full employment have in mind that "full employment" is
> relative to the labor pool and that the labor pool is
> international?
>
> National measurements of unemployment are based on an
> assumption of a zero exclusive of the standing army of
> unemployed waiting at the borders of all developed nations.
>
> What are the implications of this for the ELR/JG proposals?
> In particular, will absolute immigration control be necessary?
> If so, is this realistic?  Can all nations be Japan?  Can Japan
> be Japan?


Dear Mason

every nation has unfulfilled community needs
every nation has excess labour not wanted by the capitalist sector
every nation can issue its own fiat currency
every nation therefore can have a JG.
adjustments then have to be made to trade patterns.
the head-office capitalist nations would have to obey the market dictates
that would follow. or they go broke. market logic would force that.

best wishes
bill

William F. Mitchell
Professor of Economics and Head of Department
Director, Centre of Full Employment and Equity
University of Newcastle
New South Wales, Australia
E-mail: ecwfm@xxxxxxxxxxxxxxxxxxxxxxx
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