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by Donald R. Stabile (Author)
About the Author
Donald R. Stabile is Professor of Economics at St. Mary's College of Maryland, USA, where he has taught for nearly 40 years. He is the author or co-author of 12 previous books, including The Political Economy of a Living Wage (2016), and scholarly articles on the history of political economy.
About this book
This book offers a new interpretation of the Employment Act of 1946. It argues that in addition to Keynesian economics, the idea of a living wage was also part of the background leading up to the Employment Act. The Act mandated that the president prepare an Economic Report on the state of the economy and how to improve it, and the idea of a living wage was an essential issue in those Economic Reports for over two decades. The author argues that macroeconomic policy in the USA consisted of a dual approach of using a living wage to increase consumption with higher wages, and fiscal policy to create jobs and higher levels of consumption, therefore forming a hybrid system of redistributive economics. An important read for scholars of economic history, this book explores Roosevelt’s role in the debates over the Employment Act in the 1940s, and underlines how Truman’s Fair Deal, Kennedy’s New Frontier and Johnson’s Great Society all had the ultimate goal of a living wage, despite their variations of its definition and name.
Table of contents
1 The Hybrid System of Redistributive Economics 1
Macroeconomic Policy and a Living Wage 2
Paul H. Douglas and the Hybrid System of Redistributive Economics 13
Conclusion 20
References 23
2 Background of the Employment Act I: A Living Wage 27
The Political Economy of a Living Wage 28
Collective Bargaining 33
Macroeconomic Policy 38
A Minimum Wage 40
Social Insurance 42
The New Deal: Reform and Recovery 44
Roosevelt and Keynes 48
Fiscal Policy Expands Under Roosevelt 53
Conclusion 56
References 61
3 Background of the Employment Act II: Keynesian Economics 67
Keynes and the Theory of Employment 68
Keynes and Wages 71
Keynes and Fiscal Policy 79
Slichter and the Adjustment to Instability 85
Clark Appraises Fiscal Policy 87
Keynes and World War II 88
Hansen Accepts Keynes 90
Samuelson Synthesizes Keynes 92
Keynesian Economics and Collective Bargaining 94
Conclusion 96
References 101
4 Background of the Employment Act III: An Economic Bill of Rights 105
Roosevelt’s Second Bill of Rights 107
Roosevelt Accepts Keynes: The Nation’s Budget 115
The CIO Proposes a Guaranteed Wage 117
Keynesians Criticize the Guaranteed Annual Wage 120
Wallace Promises 60 Million Jobs 123
Conclusion 126
References 130
5 The Political Economy of the Employment Act of 1946 135
The Postwar Economy, 1945–1950 136
Truman Takes Over 137
The Legislation of the Employment Act 140
Truman’s First Economic Report 146
Hansen Criticizes the Economic Report 147
Truman’s Second Economic Report 148
The First JEC Report 150
Truman Promises a Fair Deal 151
Truman’s Subsequent Economic Reports 152
JEC Reports by Democrats 154
The New Republic Comments on the Economic Reports 154
The Union Response to the Economic Reports 156
Congress Raises the Minimum Wage 156
Truman, the Employment Act and Economic Justice 160
Conclusion 162
References 165
6 Kennedy’s New Frontier: Tax Cuts and Wage Policy 169
The 1950s, Eisenhower and a Conservative Approach to Keynesian Economics 170
Hansen Looks Backward and Forward 175
Kennedy and Economics 177
Kennedy’s First Economic Report 180
Kennedy’s Second Economic Report: The Case for Tax Cuts 186
Hansen Supports the Tax Cuts 192
Progressive Responses to Kennedy’s Economic Policies 194
Conclusion 198
References 202
7 The Age of Keynes in the Great Society 209
The Economy in the 1960s 210
The Tax Cuts 212
The Great Society 216
Signs of Inflation 219
A Tax Surcharge 222
The Hybrid System of Redistributive Economics 229
Econo-mists, Keynesians and the Great Society 232
Unions and the Great Society 234
Conclusion 238
References 242
8 The Decline and Revival of a Living Wage 247
The Economy of the 1970s 250
The Decline of Unions 253
Social Insurance Stays Firm, For Now 261
The Minimum Wage Falls 264
The Decline of Keynesian Economics 266
Econo-mists Return to the Living Wage 269
The Revival of a Living Wage Movement 271
Conclusion 276
References 280
Index 285
Length: 290 pages
Publisher: Palgrave Macmillan; 1st ed. 2018 edition (October 30, 2018)
Language: English
ISBN-10: 3030019977
ISBN-13: 978-3030019976
Palgrave__Macroeconomic Policy and a Living Wage.pdf
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