The Government and Employment Policy
In the past 50 years remarkable turns have occurred in economic theorising about the influence which governments can exercise upon the level of employment. In the 1920s it was the conventional wisdom that government intervention could do little or nothing to create additional employment. Mr Churchill, relying upon the advice of his Treasury officials, in his Budget Speech in 1929 had said:
It is the orthodox Treasury dogma steadfastly held that, whatever might be the political and social advantages, very little additional employment and no permanent additional employment can, in fact and as a general rule, be created by State borrowing and State expenditure.
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