Work, Employment, and the New Economics. Occasional Paper No. 70.

We are witnessing an historic shift in our approach to employment policy that will have profound implications for vocational educators. This shift is most recognizable in the waning influence of demand-side economics and the ascendence of supply-side economics. Recent indications are that public policy is no longer firmly committed to maintaining full employment. The principles of Keynesian or demand-side economics (which assert an inverse relationship between unemployment and inflation) no longer seem valid in light of recent economic and political developments. Demand-side policies were built on the idea that the American economy was mature and has used its capacity for growth. In reality, America is on the edge of a technological revolution. Nevertheless, despite an abundance of work that needs doing, a shortage of jobs exists. Thus the need for entrepreneurship training is greater than ever. Recent studies and interest in small business seminars affirm this need. Studies on entrepreneurship education and its effectiveness are needed. In addition, the terms of employment must be redefined. (A series of questions and answers follows the text.) (MN)