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The Scoop of the Millenium?

by Rajani Kanth, for – the late –  Joan Robinson, who saw it coming

The most effective  and  expeditious,  way to attain   – and retain -full employment , within a  capitalist economy, was  – astonishingly –  never dreamt of  even by the iconic economists of the past, Keynes and Marx included.

Now,  that is saying  a lot.

Curiously, though, it is doubtful if a  new generation of economics textbooks will gush forth , carrying the  new mantra to the millions.

Nor  will Ivy League dons wax eloquent in their lectures , I fear,  singing its praises.

In fact, chances are it will remain confined to the rarefied  domain of   high esoterics, deep in the corridors of elite power, in the  safe hands of a privileged few.

And yet is  it a tribute to  some real , once in a lifetime,   ingenuity, in its own right.

Indeed, in a stroke of sheer , manifest,   genius,  current economic policy makers in D.C.,  hit upon  what  would have to count as  a Nobel Prize winning formula –  as simple,  as it is baldly ingenious.

No need for solving equations, or crunching numbers.

And one would have to commend their supernal modesty in not taking public credit for it.

Can you guess ?

No?

Ok, ready?

Prepare yourself for a  small shock, even in these admittedly jaded times.

So here is the  magic, made-with-pride-right-here-at-home,  formula.

In fact,  it could be a  sign of  the greatness the President seems to , mistakenly, think has departed our times.

No need to worry: it is , leastways in this area,  alive and  well.

So, how does one, virtually instantaneously,  achieve full employment, or close, without batting an eyelid?

Easy.

I know, you’re thinking, but how?

Tag interest rates, manipulate the money supply, indemnify investment risk?

Nope.

It is simply NOT to count the unemployed.

Even Hitler and Stalin missed the stark simplicity of it (pity: might have saved the lives of millions).

And they  dare  call  it  a dismal science!

Well, in fairness,  it may not be rocket science: but could  pass muster at least as a  sprocket  science, if it  can help solve age-old conundrums, via its inspired  practitioners,  such as the one just illustrated.

Of course, I could be all  wrong:maybe the flash of brilliance outlined  did not stem from an economist.

A computer error  might have been its provenance.

It’s like they say, perhaps: where opportunity met preparedness?

2017 © R.Kanth, author of CODA

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