Back to Full Employment

Full employment used to be an explicit goal of economic policy in most of theindustrialized world. Some countries even achieved it. In Back to FullEmployment, economist Robert Pollin argues that the United States--today faced with itshighest level of unemployment since the Great Depression--should put full employment back on theagenda.

There are good reasons to seek full employment, Pollin writes. Fullemployment will help individuals, families, and the economy as a whole, while promoting equality andsocial stability. Equally important, creating a full-employment economy can be joined effectivelywith two other fundamental policy aims: ending our dependence on fossil fuels and creating aneconomy powered by clean energy.

Explaining views on full employment inmacroeconomic theory from Marx to Keynes to Friedman, Pollin argues that the policy was abandoned inthe United States in the 1970s for the wrong reasons, and he shows how it can be achieved todaydespite the serious challenges of inflation and globalization. Pollin believes the biggest obstacleto creating a full-employment economy is politics. Putting an end to the prevailing neoliberalopposition to full employment will require nothing less than an epoch-defining reallocation ofpolitical power away from the interests of big business and Wall Street and toward the middle class,working people, and the poor, while mounting a strong defense of the environment. In the end,achieving full employment will be a matter of political will: Can the United States make having adecent job a fundamental right?

Robert Pollin is Professor of Economics and Codirector of the Political Economy Research Institute at the University of Massachusetts, Amherst. He is the author of Contours of Descent: U.S. Economic Fractures and the Landscape of Austerity and coauthor of A Measure of Fairness: The Economics of Living Wages and Minimum Wages in the United States.