 The jobs guarantee: a Post Keynesian analysisTony Ramsay Journal of Post Keynesian Economics, 2002, vol. 25, issue 2, 273-291 Abstract: This paper analyzes the notion of a jobs guarantee (JG) that is bestowed on each individual as a right of citizenry. Central to a JG economy is the notion that full employment with inflation control is both possible and desirable. Unlike a liberal economy, which has used the deficiency of demand over the last two decades to manage price stability, a JG economy controls inflation by manipulating the ratio of employees that are in the private labor sector vis-à-vis the elastic public labor market. The JG labor sector, unlike the private labor market, is underwritten by the state acting as an employer of last resort. The paper makes a case illustrating that although a JG economy is superior to a liberal economy, political impediments would render the scheme inoperative, owing to organized labor's resistance to how a JG economy (1) controls inflation and (2) stabilizes balance of payments disequilibrium. The paper concludes with an alternative examination illustrating that full employment with inflation control is possible, though only if certain post-liberal institutions are established. Post-liberal institutions are a prerequisite, in other words, if full employment and price stability are to be achieved. Date: 2002 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:mes:postke:v:25:y:2002:i:2:p:273-291 Ordering information: This journal article can be ordered from DOI: 10.1080/01603477.2002.11051352 Access Statistics for this article More articles in Journal of Post Keynesian Economics from Taylor & Francis Journals |
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