FULL EMPLOYMENT AT WHATEVER COST.

This article presents information on issues related to full employment policies. The analysis presented in this article, of the causes of unemployment and the means by which governments can remove or prevent it, is "Keynesian" in the simplest and most mechanical sense of that adjective. All of the operative analysis could be reduced to a small set of algebraic equations. Moreover, these could be interpreted as strictly mechanical equations or as identities. Economic process is treated as simple and mechanical and completely responsive to political regulation, and political process is treated as consisting in the reaching of decisions by unified and sovereign authorities and of their subsequent execution or enforcement by government officials. The analysis can also be summarized verbally with great brevity without leaving out anything. The volume of employment is a function, a simple, stable, and unique function, of the level of effective demand, allowance being made for a small amount of genuinely frictional unemployment.