Abstract
The task of co-ordinating policies for the maintenance of full employment and a stable price level is not an easy one in the best of circumstances. It is not made any easier by the generally polemical atmosphere in which discussions of alternative policies have usually proceeded. Such discussions are centred on a double dichotomy between two approaches to the cause of inflation and between value judgments as to the relative importance to be attached to inflation and to unemployment. At the risk of distorting and oversimplifying some people’s views, it seems worth while to begin the discussion by outlining briefly some approaches to the problem of the relation between full employment policy and price stabilization policy.
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