And this is exactly what the Cambridge School has attempted. Eatwell's attack on America's employment record is bizarre and smacks of ideological bile. That America has more than sufficient land and capital to employ its labour force is beyond dispute. I suggest that there would be very little suboptimal employment of this kind in the US given the weakness of trade union power, unlike Germany and Australia, for example. So much for low-paid labour.
Readers can draw their own conclusions.
What bothers the likes of Eatwell is that America's employment record exposes Europe's statist failures while revealing the superiority of job-creating market forces over political interference. And this brings me to deflation and demand deficiency as the so-called cause of Europe's unemployment. There hasn't been a genuine deflation in Europe for nearly 70 years. Deflation means an absolute fall in the money supply. How anyone argue that there has been deflation when these countries have been pumping up their money supplies beats me.