Managing Inflation in a Full Employment Society

Reconciliation of full employment with price stability requires at least four and possibly five signifi cant alterations of American institutional practices, each of which relates to equity of sacrifice and reward. The first four policy innovations include an unqualified federal guarantee of full employment; income maintenance at decent levels for individuals unable or unwilling to work; an in comes policy based upon mandatory federal controls over the prices of large corporations and the fees of physi cians, dentists, lawyers and other professional workers; and serious attention to redistributive taxation on grounds of equity and controlled inflation. If these measures discourage private investment, a fifth policy comes into play: the socialization of a growing portion of the private sector and a consequent expansion in the importance of the public economy

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