On Mar 31, 2010, at 9:28 PM, Mike Beggs wrote:
> In the end full employment turned out to be _economically_ impossible
> and not only politically distasteful for capital.
But the contradiction appears less sharp if you have a political theory of inflation - a stalemate in the class struggle, in which neither side gets the upper hand. Driving the unemployment rate up over 10% in the U.S. certainly made it clear who was on top, and inflation fell dramatically.
Doug