"The Carter Administration, like its predecessors, is not really coping with the causes of unemployment. Under the influence of post-Keynesian conceptions it seeks once again to stimulate the economy through deficit spending and credit expansion, through tax rebates and public works, and talks about raising minimum wages and increasing unemployment compensation. It is resorting to the very measures that create unemployment rather than alleviate it.Throughout the Keynesian and post-Keynesian era, the inexorable laws of economics have not changed. Unemployment still is, and always has been, a cost phenomenon. A worker whose employ ment adds valuable output and is profitable to his employer can always find a job. A worker whose employment inflicts losses is destined to be unemployed."
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Original Language: English
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Sources
Hans F. Sennholz, "Unemployment Is Rising," The Freeman: A Monthly Journal of Ideas on Liberty (Irvington-on-Hudson, N. Y.: Foundation for Economic Education, 1 July 1977), pp. 389–390.
https://en.wikiquote.org/wiki/Post-Keynesian_economics
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Post-Keynesian economics
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