Unemployment
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Policy responses
Governments have been known to regard unemployment as an instrument of policy [1], but the policy objective has more often been the maintenance of full employment. It was formally adopted as a policy objective in the United States [2] and the United Kingdom[3] in the 1940s. Since then it has been universally adopted as an explicit or implicit requirement of fiscal and monetary policy.
- ↑ "Rising unemployment [is[ the price have had to pay to get inflation down. That price is well worth paying." Norman Lamont (then United Kongdom Chancellor of the Exchequer, Hansard 16 May 1991[1]
- ↑ C. J. Santoni: Employment Act of 1946: Some History Notes, Federal Reserve Bank of St Louis, November 1986
- ↑ White Paper on Employment Policy, Cmd 6527, HMSO 1944