The job guarantee is a viable policy option for tackling both unemployment and underemployment. Hyman P. Minsky was one of the seminal writers on this subject. The first part of this working paper provides a survey of Minsky's writings to identify what kind of jobs he had in mind when...

Electoral support for social democracy in Western Europe is in free fall. The implosion of social democracy is largely self- inflicted, because 'Third Way' social democracy alienated its traditional supporters by (a) a deliberate move to the non- reformist, status-quo oriented macroeconomics of...

As a bottom-up approach, a Job Guarantee policy can tackle the issue of unemployment on the macroeconomic, socioeconomic, and individual level in a unique way and promote the social inclusion of the unemployed. This paper aims at analysing the potential obstacles - namely inflationary pressure...

This paper shows that important insights for fiscal policy can be derived from Joseph Schumpeter's academic work. This concerns his fundamental distinction between theories in which the monetary sphere is identical with the real sphere ("real analysis"), and theories in which financial sphere is...

The job guarantee is a viable policy option for tackling both unemployment and underemployment. Hyman P. Minsky was one of the seminal writers on this subject. The first part of this working paper provides a survey of Minsky's writings to identify what kind of jobs he had in mind when...

We simulate a small open economy Two Agent New Keynesian (TANK) model featuring ‘learning by doing’ in production whereby changes in employment generate hysteresis in productivity and output. Credit constraints and hysteresis amplify the efficacy of Fiscal stimulus in a small open economy...

This paper begins by identifying nominal price stickiness as the logical basis for the Keynesian or activist point of view concerning demand management policy. It then characterizes two alternative approaches to policy analysis that have been adopted by adherents of the Keynesian position, the...

Using two types of overlapping generations (OLG) model, we show that involuntary unemployment is in a Nash equilibrium of a game with a firm and consumers, and we can achieve full-employment by fiscal policy financed by seignorage not tax. Once we achieve it, it is maintained without government...

The paper offers a brief reconstruction of the varying fortunes of the Charter of Workers' Rights, interpreted in light of the evolution of economic thinking on the role of the market - especially of the labor market - and on the reversal that has been made of the role of labor policy in...

This study provides formal theoretical evidence for existence of a `societal incentive mechanism (SIM)', in context of which placements of the unemployed in `alternate firms' in same industry within which they experience dislocation by an agency of Government - a Full Employment Policy (FEP) -...

Over the past three decades, a large amount of research has attempted to identify the determinants of the natural rate of unemployment. It is this body of work we assess in this paper. We reach two main conclusions. First, there has been considerable theoretical progress over the past 30 years....

Full employment in the European Union member states is a challenge but feasible, also in downswings of the business cycle and during stages of increased robotization. It requires a labor legislation that ensures flexibility and retraining, responsive labor sharing during the business cycle and...

The job guarantee (JG) is a public option for jobs. It is a permanent, federally funded, and locally administered program that supplies voluntary employment opportunities on demand for all who are ready and willing to work at a living wage. While it is first and foremost a jobs program, it has...

President Trump’s faux populism may deliver some immediate short-term benefits to the economy, masking the devastating long-term effects from his overall policy strategy. The latter can be termed "welfare state sabotage" and is a wholesale assault on essential public sector institutions and...

As a bottom-up approach, a Job Guarantee policy can tackle the issue of unemployment on the macroeconomic, socioeconomic, and individual level in a unique way and promote the social inclusion of the unemployed. This paper aims at analysing the potential obstacles - namely inflationary pressure...

Fiscal policy is useful as a government instrument for supporting the economy, contributing to an increase in employment, and reducing inequality through more egalitarian income distribution. Over the past 30 years, developing countries have failed to increase their real wages due to the lack of...

The language of ‘human resource management' treats people as a means to an end. Three core tenets of human resource literature are that it is desirable to have (1) labour ‘flexibility' and ‘mobility' in a peripheral workforce, (2) individual (not social) responsibility for employment...

Fiscal policy is useful as a government instrument for supporting the economy, contributing to an increase in employment, and reducing inequality through more egalitarian income distribution. Over the past 30 years, developing countries have failed to increase their real wages due to the lack of...

Advocates of Job Guarantee (JG) or Employer of Last Resort (ELR) schemes have suggested that if the state provides "buffer stock" employment to workers displaced from private employment, then full employment can be maintained over the course of the business cycle. Kalecki was sceptical about the...

Since at least 2016, and certainly in 2019, it was common for economists to write of the U.S. economy being at "full employment." This paper undertakes a critical examination of the data relevant to the question as it stood in early 2019, considering the multiplicity of employment measures;...

This paper is based on the ideas of political philosopher John Rawls who suggested that a just society is one which would be created behind a "veil of ignorance", that is to say, without knowing where one would end up in the society's distribution of talent and other attributes valued in the...

Most governments are mandated to maintain their economies at full employment. We propose that the best marker of full employment is the efficient unemployment rate, u*. We define u* as the unemployment rate that minimizes the nonproductive use of labor--both jobseeking and recruiting. The...

As the author describes it, the Federal Reserve’s muddled mandate to attain simultaneously the incompatible goals of maximum employment and price stability invites short-term-oriented discretionary policymaking inconsistent with the systematic approach needed for monetary policy to...

"Through moments of social protest, policy debate, and popular mobilization, this book follows the campaign for economic democracy and the fight for full employment in the United States. Starting in the 1930s, Dennis explores its intellectual and philosophical underpinnings, the class struggle...

The job guarantee (JG) is a public option for jobs. It is a permanent, federally funded, and locally administered program that supplies voluntary employment opportunities on demand for all who are ready and willing to work at a living wage. While it is first and foremost a jobs program, it has...

Full employment in the European Union member states is a challenge but feasible, also in downswings of the business cycle and during stages of increased robotization. It requires a labor legislation that ensures flexibility and retraining, responsive labor sharing during the business cycle and...