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Jobs and People

In: Full Employment: A Pledge Betrayed

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  • John Grieve Smith

Abstract

The predominance of monetarist thinking in recent years has been associated with a revival of the prewar view that the cure for unemployment lies in ‘the labour market’. rather than in strengthening the demand for goods and services. The phrase ‘the labour market’ often seems one of the economic profession’ more unhappy pieces of jargon. It conjures up visions of people being auctioned like cattle, or of agricultural workers in the nineteenth century coming to the County Town for the Michaelmas hiring, and in doing so suggests that, if the price for tiheir labour was right, everyone would get a job. But as we saw earlier, the supply and demand for labour is different from that for anything else, in that the receipts from selling labour (i.e. wages and salaries) are a major component of the demand for it (or the goods that labour is needed to produce).

Suggested Citation

  • John Grieve Smith, 1997. "Jobs and People," Palgrave Macmillan Books, in: Full Employment: A Pledge Betrayed, chapter 8, pages 149-167, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37238-2_8
    DOI: 10.1057/9780230372382_8
    as

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