The fallacy of the neoclassicals is their tenet that total employment, though hit by shocks, can be said always to be heading back to some normal level.

The Keynesian belief that 'demand' is always at the root of underemployment and slow growth is a fallacy.

In the 1960s, and stretching back to the 1930s, it was felt by many economists that easy money is a reliable way to increase employment.

For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory.

Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply.

Everybody feels better about himself, his community, and his country if employers are paying workers well. Economics, though, teaches that if every employer is pressured to raise wages, some labor will be priced out of the market.