EPI just put out two very interesting papers (on full employment and demand-led growth) that challenge the wisdom of low-impact macroeconomic policy. Two general points:

• There doesn't have to be a trade-off between efficiency and fairness. Indeed, policies could generate demand-led growth partly by ensuring that work was fairly rewarded.
• Government can play a constructive role in the economy- guaranteeing fair wages, promoting growth, ensuring full employment. The best it can do isn't just to "get out of the way."