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Social Science
SOSC 1000
Terry Conlin

 full employment stimulates aggregate demand  1971-1990 unemployment 8%.....rised to 10% over the yrs then dropped back down to 8%  1990s unemployment rose to high levels....IPT involuntary part time employment....ipt numbers were off the chart  increasing reliance on ipt over yrs  last 5 yrs highest unemployment rates since great depression  sine 1970s Keynes era full employment priority of govt  1975 inflation priority of govt  jobless growth in Keynesian era  NAIRU aka the natural rate of unemployment...around 7%  point of nairu is to underscore inflation as priority moreso than unemployment  nairu today is 15-18%  if unemployment drops inflation increases Priorities Main St Bay St Low inflation low high High interest rates low high Low unemployment high low Social spending high low Capital mobility low high Deficit reduction low high Governing Instruments Main St Bay St Regulation Deregulation Prog. Taxes Flat/Regressive Public Ownership Privatization Spending Debt Reduction  Labour and Law:  3 kinds of labour law: 1. oldest 19th century- individual contract of employment aka judge's in industrial revolution...greatly favours employer..built on premise that workplace is like owner's home...employees have some rights but works to advantage of employers....until 20th century under this law it was legal to beat workers if they were late 2. late 19th century-20th...employment standards and human rights legislation....huge body of law...things like statutory holidays min wage laws...workers have greater rights 3. collective bargaining law or labour law...middle of 20th century...1944 Canada...applies only to employees that belong to legally certified union...1944 PC1003 legislation was passed during WW2 that brought compulsory collective bargaining to Canada...rights of workers sig. greater....1944 private sector workers gained access...1967 public sector workers became eligible and could now legally strike  Keynesian era labour unions highest it ever been....this has changed since unions have less power govt is limiting  1872 unions became legal by conservative govt John A Ma
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