The Full Employment and Balanced Growth Act (Pub.L. 95-523, 92 Stat. 1887, enacted October 27, 1978, 15 U.S.C. § 3101–3152, Humphrey–Hawkins Full Employment Act), is an act of legislation by the United States government.
Unemployment and inflation levels began to rise in the early 1970s, reviving fears of an economic recession. In the past, the country's economic policy had been defined by the Employment Act of 1946, which encouraged the federal ...
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The Full Employment and Balanced Growth Act (Pub.L. 95-523, 92 Stat. 1887, enacted October 27, 1978, 15 U.S.C. § 3101–3152, Humphrey–Hawkins Full Employment Act), is an act of legislation by the United States government.
Unemployment and inflation levels began to rise in the early 1970s, reviving fears of an economic recession. In the past, the country's economic policy had been defined by the Employment Act of 1946, which encouraged the federal government to pursue "maximum employment, production, and purchasing power" through cooperation with private enterprise. Some Congressmen, dissatisfied with the vague wording of this act, sought to create an amendment that would strengthen and clarify the country's economic policy.
As before, Congress turned to Keynesian economic theory for a solution, which emphasized economic control through manipulation of demand-side factors. In particular, the government can minimize the shock of business fluctuations by compensatory spending, essentially...
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