JG Critiques
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By Michal Kalecki*
Why Don’t People Want Full Employment? Michal Kalecki’s 1943 Essay on Politics and Ideology
By Pavlina R. Tcherneva
New Economic Perspectives: Alternative Fiscal Policies: Why the Job Guarantee is Superior (Wonkish)
RE, RM & RMM critiques
A JOB GUARANTEE IS NOT A “PRICE ANCHOR”, IT’S A “PRICE BUOY”
One of the terms we keep seeing regarding the MMT Job Guarantee (JG) is this concept of it serving as a “price anchor”.
The descriptive v. the normative in MMT as a macro theory
Distinguishing the descriptive (positive) from the prescriptive (normative) in MMT is theory-dependent. A theory is a generalized explanation that leads to predictions based on putative causation.
MMT Going Mainstream? Modern Monetary Theory (MMT) , an approach to economics that emphasizes the facts about how fiat monetary systems actually work in the real world and the implications of these facts for fiscal policy and economics is beginning to go mainstream.
The Job Guarantee and the MMT Core: Part One
MMT and Public Purpose:The Normative Component I ended Part One by saying that Warren Mosler's reply to Cullen Roche is nearly a decisive argument that the Job Guarantee (JG) is a core component of MMT, provided, of course, that one accepts that full employment with price stability is an important component of “public purpose” or “the general welfare,” and that also one thinks that the Government's fiscal policy ought to fulfill the public purpose.
The Job Guarantee and the MMT Core: Part Two
The Mismatch Problem
The Job Guarantee and the MMT Core: Part Four, John Carney on the Mismatch Problem
Does the JG Really Solve the Mismatch Problem?
The Job Guarantee and the MMT Core: Part Five, Carney on Mismatch and the Distribution of Labor
The JG is a Guarantee of a Job Offer, Not a Job ”It would be possible, of course, to diminish or eradicate the inflationary effect by tightening other government expenditures, raising taxes, or making sure the Jobs Guarantee wages were so low that the increased demand generated would be minimal.
The Job Guarantee and the MMT Core: Part Six, Carney on Stagnation and Prosperity
The Job Guarantee and the MMT Core: Part Seven, Dialogue With Warren Mosler
For example, Cullen objects to the full employment goal because he doesn't: “. . . believe the JG is the optimal usage of these monopoly powers and in fact could come at substantial long-term cost. Instead, I think there are better options which can also lead to price stability and full employment.”Everyone agrees on the accompanying benefits however, which would would be a full “standard” package, including Medicare or something like it for all JG participants. But when it comes to the wage level itself there's now wide variation among some leading MMT practitioners. Here's Randy Wray, in an address he gave at a conference organized by Bill Mitchell in December, for example:
The Job Guarantee and the MMT Core: Part Eight, The JG Rate
The Job Guarantee and the MMT Core: Part Nine, The Wrong Goal?
Spilling Electronic InkCullen Roche continued his attack on the JG and his critics with a post asking whether America really needs to do a 180?
The Job Guarantee and the MMT Core: Part Ten – A 180 Mic Check?
More Questions About the Job Guarantee - US Business News Blog
The name Mitchell in this pearl refers specifically to Rodger Malcolm Mitchell and is not to be confused with Bill Mitchell. by Jan 21
Hugo Heden and John Lounsbury — The Job Guarantee Brouhaha
I wasn't going to put this one up but given Carney has a response in the comments I think it is pertinent that it joins the tree. by Jan 10