New Paths to Full Employment

Part 1: The fundamental problem of employment in the industrial economy. Part 2 A realistic employment and growth theory: the origin of the differential profit; the growth process in the private-capitalistic sector; adjusting workplace numbers to manpower numbers by using interest rate policy to regulate the investment ratio; the expansion of manpower resources and manpower redundancy induced by rationalization spending; regulating the investment ratio in an open market economy with public-sector activity; full employment via a new policy approach to interest rates, taxation and wages; economic and social issues in a situation of permanent full employment; summary in theses. Part 3 Empirical substantiation of the theory: economic development before and after World War 1; economic development after World War 2 - massive increase in the labour force (1948-1955), slowdown in manpower growth, overemployment with the introduction of currency convertibility, the 1966/67 recession and how it was overcome, fluctuations in the inflow and outflow of foreign exchange, renewed overemployment until 1973, radical curb on economic expansion, the 1973 oil crisis, the stifling of the economic recovery and the development of the crisis. Part 4: The failure of economic theory.