In This Review

Monetary Policies and Full Employment
Monetary Policies and Full Employment
By William J. Fellner
University of California Press, 1946, 268 pp

The author faces the technical and practical difficulties involved in using monetary policies to achieve levels of full employment within the framework of present American social and political institutions. His competent treatment shows that the dangers of an unconditional full employment guarantee stem mainly from the fact that such a policy would require a rigorous system of direct government controls. He argues that cyclical depressions may be counteracted without "guaranteeing" full employment.