Electoral support for social democracy in Western Europe is in free fall. The implosion of social democracy is largely self- inflicted, because 'Third Way' social democracy alienated its traditional supporters by (a) a deliberate move to the non- reformist, status-quo oriented macroeconomics of...

The full employment framework and its demise -- Full employment: changing views and policies -- Early views on unemployment and the phillips curve -- The Phillips curve and shifting views on unemployment -- The troublesome NAIRU/The hoax that undermined full employment -- The shift to full...

Claims that the nation has reached full employment take for granted the need for a reserve pool of labor to maintain price stability and labor market flexibility. But are millions of jobless and underemployed workers the best we can do in these times of economic expansion? And what will happen...