The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005

Ajit Zacharias

Economics Working Paper Archive from Levy Economics Institute

Abstract: Forty-five years ago, the A. Philip Randolph Institute issued "The Freedom Budget," in which a program for economic transformation was proposed that included a job guarantee for everyone ready and willing to work, a guaranteed income for those unable to work or those who should not be working, and a living wage to lift the working poor out of poverty. Such policies were supported by a host of scholars, civic leaders, and institutions, including the Rev. Dr. Martin Luther King Jr.; indeed, they provided the cornerstones for King's "Poor Peoples' Campaign" and "economic bill of rights." This paper proposes a "New Freedom Budget" for full employment based on the principles of functional finance. To counter a major obstacle to such a policy program, the paper includes a "primer" on three paradigms for understanding government budget deficits and the national debt: the deficit hawk, deficit dove, and functional finance perspectives. Finally, some of the benefits of the job guarantee are outlined, including the ways in which the program may serve as a vehicle for a variety of social policies.

Keywords: Unemployment; Full Employment; Budget Deficits; National Debt; Public Policy (search for similar items in EconPapers)
JEL-codes: B50 E24 E61 H60 P16 (search for similar items in EconPapers)
Date: 2011-05
New Economics Papers: this item is included in nep-hpe and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Working Paper: The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005 (2011)
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