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The Making of a Good Society: Lowe’s Instrumental Method and the Pursuit of Full Employment

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  • Murray, Michael/ M J

Abstract

The article discusses the incompatibility of promoting individual interests of capitalists and workers with the promotion of macroeconomic goals of society. The article implements the ``instrumental method'' developed by Adolph Lowe, and articulates the separation of microeconomic goals with macroeconomic objectives. Using full employment as a case study, the article articulates the proper role for government in achieving and maintaining full employment in a capitalist society. Further it is seen that such an approach also promotes the self interests of capitalists. The approach taken in this article offers an alternative to the failed policies of neoliberalism.

Suggested Citation

  • Murray, Michael/ M J, 2011. "The Making of a Good Society: Lowe’s Instrumental Method and the Pursuit of Full Employment," MPRA Paper 39570, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:39570
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    File URL: https://mpra.ub.uni-muenchen.de/39570/2/MPRA_paper_39570.pdf
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    References listed on IDEAS

    as
    1. Raphael, Steven & Winter-Ember, Rudolf, 2001. "Identifying the Effect of Unemployment on Crime," Journal of Law and Economics, University of Chicago Press, vol. 44(1), pages 259-283, April.
    2. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    3. Mark Granovetter, 2005. "The Impact of Social Structure on Economic Outcomes," Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 33-50, Winter.
    4. Barnes, Carole Wolff & Kingsnorth, Rodney, 1996. "Race, drug, and criminal sentencing: Hidden effects of the criminal law," Journal of Criminal Justice, Elsevier, vol. 24(1), pages 39-55.
    5. Harvey, David, 2007. "A Brief History of Neoliberalism," OUP Catalogue, Oxford University Press, number 9780199283279.
    6. Tony Lawson, 1994. "The Nature of Post Keynesianism and Its Links to Other Traditions," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 17(1), pages 164-164, September.
    7. L. R. Wray, 1990. "Money and Credit in Capitalist Economies," Books, Edward Elgar Publishing, number 474.
    8. Arestis, Philip, 1996. "Post-Keynesian Economics: Towards Coherence," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 20(1), pages 111-135, January.
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    More about this item

    Keywords

    Instrumentalism; instrumental inference; neoliberalism; F.A. Hayek; Adolph Lowe; full employment; unemployment; employer of last resort;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B0 - Schools of Economic Thought and Methodology - - General
    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics

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