The contributors to this edited collection argue that a flexible Job Guarantee program able to react to an economy's fluctuating need for work would stabilize the labor standard, the value of employment in relation to money. During economic downturns, the program would expand to provide more public sector jobs in response to private sector layoffs. It would then contract when economic growth offered private sector employment opportunities. This flexible full employment program would create a balanced, perpetually active labor force, providing the macroeconomic stability necessary to define a functioning labor standard.
Just as the gold standard measured the worth of money against gold reserves, John Maynard Keynes argued, so a labor standard ought to measure the value of money in terms of its labor equivalent. However, he failed to account for the fact that, unlike a gold standard, a labor standard does not have any kind of surety that money will continue to match its value in paid work over time. Together, the contributors argue that full employment would provide this missing security and allow authorities to define the value equivalencies of money and labor, the way that money once represented its exact equivalent in gold.

Frequently asked questions

Simply head over to the account section in settings and click on “Cancel Subscription” - it’s as simple as that. After you cancel, your membership will stay active for the remainder of the time you’ve paid for. Learn more here.

At the moment all of our mobile-responsive ePub books are available to download via the app. Most of our PDFs are also available to download and we're working on making the final remaining ones downloadable now. Learn more here.

Both plans give you full access to the library and all of Perlego’s features. The only differences are the price and subscription period: With the annual plan you’ll save around 30% compared to 12 months on the monthly plan.

We are an online textbook subscription service, where you can get access to an entire online library for less than the price of a single book per month. With over 1 million books across 1000+ topics, we’ve got you covered! Learn more here.

Look out for the read-aloud symbol on your next book to see if you can listen to it. The read-aloud tool reads text aloud for you, highlighting the text as it is being read. You can pause it, speed it up and slow it down. Learn more here.

Yes, you can access The Job Guarantee and Modern Money Theory by Michael J. Murray, Mathew Forstater, Michael J. Murray,Mathew Forstater in PDF and/or ePUB format, as well as other popular books in Economics & Labour Economics. We have over one million books available in our catalogue for you to explore.

Information

Publisher

Palgrave Macmillan

Year

2017

ISBN

9783319464428

Topic

Economics

Subtopic

Labour Economics

Index

Economics

Introduction
Contents
Contributor Biographies
List of Figures
List of Tables
Chapter 1: Goal-Oriented Taxation: A Brief Discussion of the Living-Space Tax
Chapter 2: Public Policy for Working People
Chapter 3: The Job Guarantee: A Superior Buffer Stock Option for Government Price Stabilisation
Chapter 4: The Employer of Last Resort for a `Capital-Poor´ Economy
Chapter 5: The Job Guarantee and Eurozone Stabilisation
Chapter 6: How to Fight Unemployment with the Minsky Alternative in Italy and in the EU
Chapter 7: Paltamo Full Employment Experiment in Finland: A Neo-chartalist Job Guarantee Pilot Program?
Chapter 8: Financial Sovereignty and the Possibility of Full Employment in Saudi Arabia
Chapter 9: Who Owns the Intellectual Fruits of Job Guarantee Labor?
Index