Let Them East Cake
(Or the Heartless Bastards)

Why I don't like Tyler Cowen:

Although the unemployed might prefer such a policy [of higher inflation and full employment], they are not well-mobilized politically. And President Obama is himself politically weak at the moment, so he cannot offer the Fed much cover.

The dubious assertion about Obama aside, full employment should be preferred by most voters in the country. Economists should know why. The only people who don't want full employment are those who prefer labor to have a weak bargaining position and prefer an increase in inequality and all that entails. Voters who don't have full employment as a priority are essentially saying they don't want a middle class. They want America to become a banana republic, with a tiny, greedy, corrupt elite and a mass of the desperate, working poor.