The Employer of Last Resort for a ‘Capital-Poor’ Economy

Edward J. Nell
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Edward J. Nell: New School for Social Research

Chapter Chapter 4 in The Job Guarantee and Modern Money Theory, 2017, pp 73-88 from Palgrave Macmillan

Abstract: Abstract ‘Capital-rich’ economies typically experience Keynesian unemployment, which an ELR program can offset with expenditure that has a multiplier effect. ‘Capital-poor’ economies normally suffer from Marxian unemployment, which an ELR can counter-act with expenditure, first having a multiplier impact, but subsequently developing an accelerator effect, and building up productive capacity.

Keywords: Government Spending; Capital Good; Unemployment Insurance; Good Sector; Private Employment (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:pal:bifchp:978-3-319-46442-8_4

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DOI: 10.1007/978-3-319-46442-8_4

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