In response to:

The Challenge is Growth, Not Inequality

Raymond, (Ret) Wrote: Dec 07, 2013 10:43 AM
We cannot get to full employment because there are people who cannot work and there are people who will not work and the latter take advantage of the extent to which we are willing to help the former.
Englishlass Wrote: Dec 07, 2013 8:20 PM
"FULL EMPLOYMENT" is nothing more than an Oxymoron. Even during the height of World War 2 with factories running 24 hours a day/7Days a week, there was STILL almost 4 % UNEMPLOYMENT. Basically a layer of lazy Ne'er do wells that preferred loafing and LEECHING off others to being employed, working and Earning their own way in the world.
Robert97 Wrote: Dec 07, 2013 12:06 PM
David is right. Classical (18th - 19th century) economics assumed high unemployment would force down wages so businesses would hire more labor than at the higher price. Unemployment goes down, output goes up. Self-correcting.
Keynesian economics (1936) assumed that wages go down slowly, if at all. To help the unemployed, the government needs to increase spending to increase jobs, and thus output.
Unfortunately, neither system works quite as originally planned. And yes, I used to teach economics at the college level.