An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
Sawyer doesn’t completely rule out JG, but his paper is quality stuff and JG advocates need to think about some of criticisms he makes.
And without a JG, the alternative to the reserve army of the unemployed and destitute is?
Looks to me like it's a JG or some sort of BIG, or else continue with the army of the unemployed and destitute.
In economics there are no perfect solutions. There are trade-offs. The position of the left is that the chief priority is full employment with some floating price instability, and the chief position of the right is that it is price stability with floating unemployment.
MMT is the only theoretical solution out there that guarantees a job to anyone willing and able to work (technical def of full employment) and the promise of minimum float of price level.
5 comments:
Malcolm Sawyer had some disagreements with Bill Mitchell and Randy Wray over JG a few years ago. See:
http://www.jstor.org/discover/10.2307/4227957?uid=3738032&uid=2&uid=4&sid=21102098699017
Sawyer doesn’t completely rule out JG, but his paper is quality stuff and JG advocates need to think about some of criticisms he makes.
He seems to have backed away from some of his more neo-liberal positions?
Sawyer doesn’t completely rule out JG, but his paper is quality stuff and JG advocates need to think about some of criticisms he makes.
And without a JG, the alternative to the reserve army of the unemployed and destitute is?
Looks to me like it's a JG or some sort of BIG, or else continue with the army of the unemployed and destitute.
In economics there are no perfect solutions. There are trade-offs. The position of the left is that the chief priority is full employment with some floating price instability, and the chief position of the right is that it is price stability with floating unemployment.
MMT is the only theoretical solution out there that guarantees a job to anyone willing and able to work (technical def of full employment) and the promise of minimum float of price level.
Malcomm Sawyer has a better Idea?
Here is Mitchell & Wray's response: In Defense of Employer of Last Resort: a response to Malcolm Sawyer and here is Forstater's: Reply to Malcolm Sawyer. Nels Anderson's 1938 book cited by Forstater The Right to Work is of great interest too.
Also: Sawyer's response: Employer of Last Resort: A Response to My Critics free version
Original paper : Employer of Last Resort: Could It Deliver Full Employment and Price Stability?
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