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Stability or Full Employment?

Published online by Cambridge University Press:  24 September 2024

J. M. Jackson
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Extract

The level of unemployment rose steadily during 1958. I On January 13 th, 1.8 per cent of the insured population X. were out of work, but by December 8th this figure had risen to 2.4 per cent, and there was a further rise to 2.8 per cent by January 12th, 1959. Although these figures may be explained in part by recession abroad and a fall in British exports, the chief explanation is undoubtedly the effect on the economy of the raising of Bank Rate and the associated monetary measures taken to protect the pound in 1957. Important fundamental questions are raised by this rise in unemployment. It is clear that unless a government is determined to maintain the very low unemployment figures that we have become accustomed to in the post-war period, the level of unemployment is likely to rise as a result of changes in external circumstances or of measures intended to promote price stability at home.

Most people would agree that full employment and price stability are both desirable objectives. On the other hand, opinions differ as to whether or not the two objectives are compatible. Some Catholics may be inclined to believe that there is really no problem: if price stability can only be achieved at the expense of full employment, then the human waste and suffering caused by unemployment is too great to be contemplated with equanimity. They may feel that they have the authority of the Church behind them in taking this view.

Information

Type
Original Article
Information
Blackfriars , Volume 40 , Issue 471 , June 1959, pp. 242 - 252
Copyright
Copyright © 1959 Provincial Council of the English Province of the Order of Preachers

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References

1 13th March, 1959.

2 The analysis may be complicated but not fundamentally altered by the fact that inflation can occur without increases in the money supply if greater use is made of existing supplies.

3 If the distinction between deliberately creating and permitting an increase in unemployment still appears to be splitting hairs, it is well to recall the use of a similar distinction in a field where Catholics at least are quite agreed, though their attitude is by no means shared by those outside the Church. Thus a therapeutic abortion in a case where the mother’s life is endangered by the pregnancy is never permissible because of the deliberate intention to kill the unborn child; on the other hand, a hysterectomy is permissible in a case of malignancy even though this kills the unborn child, because here the evil result is only permitted.

4 There would be a strong case for providing greater help for families at all levels of income. but this raises wider issues.

5 Unemployment benefit equal to something like two-thirds to three-quarters of normal earnings might be taken as a desirable target.

6 Where a man had virtually no chance of re-employment unless he moved, an exception would have to be made to this rule. Everything possible should be done, however, to help him with his difficulties.