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The unreconstructed

An old Labour academic claims that lack of demand is the main cause of unemployment. Yvette Cooper, a new Labour MP, says this Keynesianism is as out of date as the monetarism which followed

This should be a good time for a book on full employment. A tour through past policy failures, a plea for the plight of the jobless, and a list of job creation remedies-these ought to be bedside reading for every cabinet minister.

What a shame, then, that John Grieve Smith’s book is so out of date. His passion is not in doubt, nor his ability to explain baffling economic concepts. The trouble is that he traces only two views-that of the so-called “new orthodoxy” he wishes to attack, and his own, expansionist, remedy. Yet both positions are decades behind the…

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