Whilst there is widespread agreement about the goals of economic policy, consensus about how best to achieve them can be harder to achieve. No issues are more contentious than employment and income distribution. In recent years full employment and a just distribution of incomes have been downgraded as policy objectives, as greater priority has been given to price stability and balance of payments objectives. This emphasis has been supported by a mainstream economic theory which has an unswerving belief in the ability of market forces to achieve a satisfactory regulation of employment and income distribution Other economists have remained more sceptical, and none more so than Kurt Rothschild. This new volume collects together his twenty two most important essays in the area, many of which are appearing in English for the first time. Throughout pure theory is linked to relevant practical investigations.
This links theory to practice in the evaluation and criticism of the traditional belief that market forces achieve a satisfactory level of employment and income distribution, a notion long supported by mainstream economic theory until now.
