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)
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 Job Guarantee and the MMT Core: Part Three, A Reply to John Carney
Parts One and 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 Ink
Cullen 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?
The Job Guarantee and the MMT Core: Part Eleven, Price Anchor or Price Buoy?
Is the JG a Price Anchor? More on Cullen Roche's claims about the JG, this time a discussion of his price anchor vs. price buoy post.
The Job Guarantee and the MMT Core: Part Twelve, Theory and Fact
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
The Job Guarantee and the MMT Core: Part Thirteen, John Carney Is Full of Talking Points and That's Polite
The Job Guarantee and the MMT Core: Part Fourteen, MMT Is A Holistic Knowledge Claim Network
The Job Guarantee and the MMT Core: Part Fifteen, Components of the Knowledge Claim Network
The Job Guarantee and the MMT Core: Part Sixteen, Conclusion
The Job Guarantee, Kleptocracy and Blogging
The Transition to a Freer Society: BIG or JG?
More Jigging – JG vs JIG
Market Mythology Underlying Criticism of the JG
The JIG Promotes Freedom
How modern is ‘modern monetary theory’? « Comments on Global Political Economy
Monetary Theory, Crony Capitalism and the Tea Party - US Business News Blog
The Trouble with a Job Guarantee - US Business News Blog
What’s MMT About Anyway and is the Job Guarantee Crucial to the Project?
John Carney clarified his stance on the MMT JG
On the Market Evalution of Productiveness
Question for John Carney wrt one of his objections to the JG
From the comments — Scott Fulwiller on the JG and inflation
The Trouble with Carney’s J.G Analysis « lowerleftlimit
The Great Debate©: The Job Guarantee Brouhaha | Global Economic Intersection
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
Can the Government Guarantee Everyone a Job? - US Business News Blog
Malcolm Sawyer and government as employer of last resort. « The Jefferson Tree
MMT and the Jobs Guarantee « The Traders Crucible
THE EVOLUTION OF MMT….
Cullen Roche on goals and critera
Warren Mosler comments
Scott Fullwiler clarifies his position
FLASH — Warren Mosler calls JG optional for MMT!
Beowulf comments on the employment mandate
WARREN AND I DISCUSS THE JOB GUARANTEE
–Why Modern Monetary Theory’s Employer of Last Resort is a bad idea. « #Monetary Sovereignty – Mitchell
Why do ELR proponents always advocate public sector type work?
Employer of Last Resort, buffer stocks and price anchors.
3spoken: Job Guarantee - it's really not that difficult
Keeping the JG during a boom and private sector business formation
My comments on MMT's job guarantee idea
Will MMT Become Part of the Problem?
Great Leap Forward » THE JOB GUARANTEE: FINALLY MOVING BEYOND THEORY TO IMPLEMENTATION
Should a Job Guarantee program be permanent?
MMT is biased towards anti-crony
Whatever – its either employment or unemployment buffer stocks
Back to William Beveridge requires a commitment to true full employment
Boondoggling and leaf-raking …
The macro choice — buffer of employed or buffer of unemployed
Flashback: Nixon Implements Price Controls