Great Leap Forward

The Return of Full Employment Policy

For the few who might happen to be in Finland next Monday, there is an upcoming conference. Details below.

CONFERENCE: The Return of Full Employment Policy

Program here:

There will be an online live-stream from the event, at

Press Release

Date: December 3, 2012
Venue: Paasitorni, Sirkussali, Helsinki

It is often argued that the era of full employment and Keynesian economic policy is over. Most orthodox economists claim that, in the long run, real full employment cannot be achieved with demand management policies. Active demand management is, thus, deemed to be too costly and inflationary.

Top Post-Keynesian economists James K. Galbraith and L. Randall Wray, however, argue that achieving full employment through demand management is still perfectly possible. They suggest that, in order to achieve full employment and carry out democratic economic policies, governments have to break out from the pressures of the private bond markets.

Come to hear Galbraith and Wray for the most important economic policy event of the year!

The event is free and open to everyone. We do ask participants to register in advance with the form below.

The event is organised by the Foundation for European Progressive Studies with the support of the Kalevi Sorsa Foundation and the Finnish Confederation on Trade Unions (SAK)

The Return of Full Employment Policy


14.00–14.15 Opening
Ernst Stetter, Secretary General, FEPS
Mikko Majander, Director, Kalevi Sorsa Foundation

14.15–15.00 A Question of Institutions: Why In Spite of Reactionary Economic Ideas the US Still Survived the Great Financial Crisis, and Europe Did Not
James K. Galbraith, Professor, University of Austin Texas

15.00–15.45 Modern Money, Functional Finance, and Full Employment
L. Randall Wray, Professor, University of Missouri – Kansas City

15.45–16.15 Break

16.15–18.00 Comments and Panel Discussion
Comments will be delivered by Olli Koski (Chief Economist, SAK), Jukka Pekkarinen (General Director, Economics Department at the Ministry of Finance) and Lena Sommestad (Professor of Economic History, MP in Sweden). They will join professors Galbraith and Wray in a panel discussion, which will be moderated by Dr. Ville-Pekka Sorsa(University of Helsinki).


2 Responses to “The Return of Full Employment Policy”

benleetNovember 30th, 2012 at 3:37 am

As a goal, full employment is acceptable to everyone, or should be. We had full employment, with Un-employment under 2% during the years 1943, 1944, and 1945, I believe. The number employed between 1939 and 1945 increased by 40%, a jump from 45 million to 63 million, and still the unemployment rate was below 2%. Full employment is not utopia. Keep us posted on the conference.

Michael KleinDecember 3rd, 2012 at 5:34 am

Didn't we also have price controls during and after World War Two? How about executive salary controls, a 100% tax on any form of income over $5 million/year?

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