The Making of a Good Society: Economic Freedom, Instrumentalism, and Government Control

Abstract

The article discusses the incompatibility of promoting individual interests of capitalists and workers with the promotion of macroeconomic goals of society. The article implements the ``instrumental method'' developed by Adolph Lowe, and articulates the separation of microeconomic goals with macroeconomic objectives. Using full employment as a case study, the article articulates the proper role for government in achieving and maintaining full employment in a capitalist society. Further it is seen that such an approach also promotes the self interests of capitalists. The approach taken in this article offers an alternative to the failed policies of neoliberalism.Instrumentalism, instrumental inference, neoliberalism, F.A. Hayek, Adolph Lowe, full employment, unemployment, employer of last resort