The Political (and Monetary) Aspects of Full Employment
Bibliographic record
Abstract
This article seeks to revisit Michal Kalecki’s 80-year-old contribution on the political constraints to full employment and use it to analyze the rise of the current macroeconomic framework and its short-term dynamics, in which the political constraint to full employment occurs more through monetary means (rather than through fiscal means, as in the author’s original contribution). It is argued that the postwar full employment scenario led to political and social changes that resulted in the abandonment of the Keynesian theoretical framework in favor of the current one, based on Monetarism, which prioritizes monetary policy and relegates fiscal policy to a secondary role, constrained by the logic of austerity. This hegemony of monetary policy, synthesized by mechanical rules, has led, in the long run, to lower growth rates and higher unemployment rates than in the previous period and to an unequivocal process of income concentration.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".