Manpower Proposals for Phase III
WITH THE GROWING UNDERSTANDING THAT THE CONTROL of aggregate
demand is limited in its ability to regulate both unemployment and inflation
has come the recognition that structural changes in the economy must be
sought if continuing full employment and price stability are to be obtained.
Our work at the Urban Institute supports this conclusion and has convinced
us that structural changes in the labor market are essential to the
resolution of the inflation-unemployment dilemma.