Introduction
Introduction
Main arguments are discussed and key concepts are defined to help readers later on and to preview the book’s effort to evaluate mainstream paradigms, one of which is that 4 percent unemployment is full employment. Flaws in the idea of frictional unemployment are sketched. This chapter stresses the importance of discouraged workers and other jobless people outside the labor force. Truly full employment requires more jobs than people needing jobs, short periods for finding work, and real wages rising 2 percent per year. These conditions have been rare. The final argument is that neoliberalism and unregulated markets cannot bring full employment. Government job programs are essential.
Keywords: full employment, frictional unemployment, 4 percent unemployment, real wages, mainstream paradigms, neoliberalism, unregulated markets
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