why is it then that the current situation of full employment has seen rather tepid pushback from heads of industry? I reckon that they feel confident that the maintenance of full employment will be politically infeasible and they can let the rentiers fight their battle for them
OTOH, capitalists, while the beneficiaries of maximized ED, oppose full employment because it shifts *political* bargiaining power away from them. the lose disciplinary bargaining power
the maximization of effective demand increases the profits of producers but not rentiers, who oppose full employment on the grounds of this shift in direct pricing bargaining power
two instructive points from kaleckis full employment essay:
1. it is the maintenance of - not the initial instance of - full employment that generates social transformation
2. the rentier class and the capitalist class oppose full employment for different reasons
don’t show these guys the youth unemployment figures in the eurozone….
first bluesky post is a public service announcement that fed funds futures are a probability weighted average
