Bill Mitchell – billy blog
The Job Guarantee would enhance the private sector
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
Monday, April 27, 2015
Bill Mitchell — The Job Guarantee would enhance the private sector
Bill Mitchell – billy blog
The Job Guarantee would enhance the private sector
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
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The ancient Egyptians had a kind of job guarantee with building the pyramids, but those projects didn't necessarily produce any wealth.
'Producing wealth' is a lot more than mining gold and stamping into coins for counting and fondling.
People spending money is required to get any investment going in the first place. People on Job Guarantees spend more than if they were just sat around wondering where the next meal was coming from.
That's output and investment to support that output right there creating 'wealth' from the increased turn.
And then on top of that you have the actual output from the Job Guarantee itself which all can enjoy since it is public based.
So that's a double lot of wealth if you only take your blinkers off long enough to work out how it works.
Businesses earn on the turn. More turn, more earn.
pretty certain the pyramids generate a lot of wealth for egyptians
Neil - You missed my point. I wasn't suggesting that mining gold and stamping into coins represents production of wealth. The US produced a lot of military hardware in WW2 but that was not wealth in the sense that it added to the potential for the working class to reproduce itself. There was full employment, but no one could buy a new car because the auto companies were all making tanks. The military hardware had value in the sense of the common effort to defeat the enemy, but all that production could not be consumed in a way that advanced living standards.
Philippe - Please explain to me how building the pyramids created wealth for the average Egyptian.
tourism etc
didn't benefit the guys who actually built the stuff though.
extraordinary things such as all the ancient buildings and monuments in Egypt are a form of wealth in themselves too
A society has to organise itself to use its resources to advance its purpose.
In WWII that was halting facism rather than driving around in cars creating global warming.
Now we have people engaged in looking at smartphones all day and moving numbers around computers ever faster.
I wouldn't call that 'wealth' either.
You'll find that wealth is in the eye of the beholder.
Bill Mitchell claims that when the JG system bids for labor at the minimum wage, that does not compete with REGULAR employers paying the minimum wage.
I suspect that if I put in a bid for a house at around the asking price, that represents competition with others putting in similar bids, and that my bid will tend to up the final sale price for the house.
"I suspect that if I put in a bid for a house at around the asking price, that represents competition with others putting in similar bids, and that my bid will tend to up the final sale price for the house."
You assume others bidding when they clearly are not.
No one is bidding around the asking price for the unemployed, that's why they are unemployed, except for the government, that is if a JG is in place.
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