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An implementation of MMT’s proposed job guarantee would, in effect, formalize a ‘labor-power standard’ in which labor-power serves as the ‘money commodity’. The policy-administered job-guarantee wage would define a fixed (though policy-adjustable) rate at which simple labor-power is convertible into the currency, on demand. In the absence of a job guarantee – the norm today – the currency lacks a nominal anchor, as Modern Monetary Theorists repeatedly emphasize. This leads to the highly unsatisfactory (and usually tacit) resort by policymakers to a buffer stock of the unemployed (or ‘reserve army of labor’). In a fiat monetary system permitting market exchange, either a buffer stock of the unemployed or a buffer stock of the employed (made possible by the job guarantee) is necessary to
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An implementation of MMT’s proposed job guarantee would, in effect, formalize a ‘labor-power standard’ in which labor-power serves as the ‘money commodity’. The policy-administered job-guarantee wage would define a fixed (though policy-adjustable) rate at which simple labor-power is convertible into the currency, on demand. In the absence of a job guarantee – the norm today – the currency lacks a nominal anchor, as Modern Monetary Theorists repeatedly emphasize. This leads to the highly unsatisfactory (and usually tacit) resort by policymakers to a buffer stock of the unemployed (or ‘reserve army of labor’). In a fiat monetary system permitting market exchange, either a buffer stock of the unemployed or a buffer stock of the employed (made possible by the job guarantee) is necessary to
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An implementation of MMT’s proposed job guarantee would, in effect, formalize a ‘labor-power standard’ in which labor-power serves as the ‘money commodity’. The policy-administered job-guarantee wage would define a fixed (though policy-adjustable) rate at which simple labor-power is convertible into the currency, on demand. In the absence of a job guarantee – the norm today – the currency lacks a nominal anchor, as Modern Monetary Theorists repeatedly emphasize. This leads to the highly unsatisfactory (and usually tacit) resort by policymakers to a buffer stock of the unemployed (or ‘reserve army of labor’). In a fiat monetary system permitting market exchange, either a buffer stock of the unemployed or a buffer stock of the employed (made possible by the job guarantee) is necessary to contain variations in the value of the currency within tolerable limits....heteconomist
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