Recent macroeconomic policy proposals of the joint economic committee of the U.S. congress: A critique

Deskripsi

The Joint Economic Committee of Congress was set up under the 1946 Employment Act. It is therefore quite natural that its main concern should be with proposing policies designed to achieve the macroeconomic goals of high real income and employment, as well as price stability. It is also not surprising that the Committee, or at least its majority, puts more emphasis on achieving income and employment targets than on reducing the inflation rate; nor is there anything in this that an economist ought to complain about. The relative amounts of economic and social damage done by inflation and unemployment is something about which reasonable people can and do disagree, not only because we are ignorant of many relevant facts, but also because there is an irreducible ethical content to this choice as well. Printed Journal.