The job guarantee, full employment and human rights

L. Randall Wray

Chapter 28 in Research Handbook on Law and Political Economy, 2025, pp 485-504 from Edward Elgar Publishing

Abstract: As a result of the Global Financial Crisis (GFC), global unemployment reached a new high. While a tepid recovery in the United States and elsewhere has brought unemployment rates down in some regions, many argue that chronically high unemployment will be the new normal. In fact, at least in the United States we have observed a ratchet effect over the last several cycles. Unemployment remains high for longer periods after recovery begins, and it does not drop to previous lows reached in earlier expansions. In addition, contingent work has replaced secure employment, and involuntary part-time work has replaced many full-time jobs. Finally, labor force participation has been falling for some parts of the population in wealthy nations, in particular for middle-aged males.

Keywords: Job guarantee; Unemployment; Full employment; Right to work; Human rights; Employer of last resort (search for similar items in EconPapers)
Date: 2025
ISBN: 9781803921181
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