Tag Archives: Job Guarantee

Professor Simon Wren-Lewis wrote "Some thoughts about the Job Guarantee," in which he makes an attempt to analyse a Job Guarantee using the NAIRU concept. The analysis suffers from the well-known defects of NAIRU. In the article, he argues that a Job Guarantee implementation would cause a one-time upward shock to wages. He argues that this is not "acknowledged" by MMT authors, even though it appears this effect is common knowledge to anyone who has read the MMT literature. As a result,...

Make it universal basic employment, not universal basic income Just as Roosevelt put men to work during the Depression, maybe we need to think about finding jobs around our communities that need to be done. Guaranteed basic employment. Mull that over…. Yes, that offends every Hayekian neuron in my brain, but in a world of an unimaginable and unmanageable future, we are going to have start thinking the unthinkable. Market WatchOpinion: This Republican says it’s time to think about the...

A recent post considered one way of including a job guarantee in the income-expenditure model. Doing so makes it possible to represent various macro effects of a job guarantee within the model. An obvious effect is that the program would deliver a degree of demand stabilization. An effect that is perhaps not quite so obvious is the way in which a job guarantee would ensure supply-side changes in the economy automatically impact on demand, actual output and employment. Before illustrating a...

Today at the New School, L. Randall Wray and Stephanie Kelton take part in a public workshop organized by the National Jobs for All Coalition that is focused on developing a “A New ‘New Deal’ for NYC and the USA.... Multiplier EffectWatch Live: A New New Deal and the Job GuaranteeMichael Stephens

Michael Stephens | October 27, 2017 Today at the New School, L. Randall Wray and Stephanie Kelton take part in a public workshop organized by the National Jobs for All Coalition that is focused on developing a “A New ‘New Deal’ for NYC and the USA.” Wray and Kelton will be sharing initial findings from an upcoming Levy Institute project that proposes a universal job guarantee for the United States. The program would create...

The Job Guarantee proposal is a core part of the policy analysis of Modern Monetary Theory (MMT). If implemented, it would be expected to cause a structural change in the economic structure, and so analysis techniques that extrapolate current conditions would be inapplicable. Although this analysis is aimed at the Job Guarantee, the basic principles would be applicable for other measures that cause a structural change in the labour market, such as the Universal Basic Income. (In fact, it's...

This is a longish article that puts forward analysis diagnosing the challenge and proposes a plan in outline for addressing it, based on full employment, a job guarantee and a basic income. The latter part of the article is about the opportunities present by our entering the Information Age. Those opportunities can be seized rather than left to the whims of the market and its penchant for rent-seeking in a neoliberal environment.A lot in crammed into this one piece. Hopefully, people will...

Under a job guarantee, there would be a standing job offer at a living wage for anyone who wanted such a position. Anyone without employment in the broader economy, or unhappy with their present employment, could opt for a position in the job-guarantee program. Similarly, anyone with less hours of employment than desired could top up their hours by working part-time in the job-guarantee program. In principle, the program might be locally or centrally administered. But, irrespective of...

Imagine if a well-paying job, with benefits and a high enough salary to pay for rent, transportation, and food, were a human right. Imagine the US federal government established a policy whereby anyone who didn’t have a job and wanted one could go into a local office for a government agency — call it the Works Progress Administration — and walk out with a regular government position paying a livable wage ($15 an hour, perhaps) and offering health, dental, and vision insurance, and...

Michael Stephens | September 8, 2017 If you’re in the vicinity of New York City at the end of October, Levy scholars Randall Wray and Stephanie Kelton are taking part in a public meeting organized by the National Jobs for All Coalition. The meeting is part of a series of public events focused on the legacy of New Deal. Wray and Kelton will be participating in a panel on the job guarantee — “Political and Economic Prospects for...