The Job Guarantee and Modern Money Theory

Realizing Keynes’s Labor Standard

Business & Finance, Career Planning & Job Hunting, Labor, Economics, Theory of Economics
Cover of the book The Job Guarantee and Modern Money Theory by , Springer International Publishing
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: ISBN: 9783319464428
Publisher: Springer International Publishing Publication: January 25, 2017
Imprint: Palgrave Macmillan Language: English
Author:
ISBN: 9783319464428
Publisher: Springer International Publishing
Publication: January 25, 2017
Imprint: Palgrave Macmillan
Language: English

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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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.

More books from Springer International Publishing

Cover of the book Advances in Human Error, Reliability, Resilience, and Performance by
Cover of the book Feeling Together and Caring with One Another by
Cover of the book Business Process Maturity by
Cover of the book Advances in Safety Management and Human Factors by
Cover of the book Ethical Issues in Sandplay Therapy Practice and Research by
Cover of the book Applied Stochastic Control of Jump Diffusions by
Cover of the book Thermal Degradation of Polymer Blends, Composites and Nanocomposites by
Cover of the book Quantum Enhancement of a 4 km Laser Interferometer Gravitational-Wave Detector by
Cover of the book Advances in Cryptology – ASIACRYPT 2018 by
Cover of the book Efficient Design of Variation-Resilient Ultra-Low Energy Digital Processors by
Cover of the book Hydropolitics, Interest Groups and Governance by
Cover of the book Crowdsourcing of Sensor Cloud Services by
Cover of the book Unified Lagrangian Formulation for Fluid and Solid Mechanics, Fluid-Structure Interaction and Coupled Thermal Problems Using the PFEM by
Cover of the book Trauma Team Dynamics by
Cover of the book Smart Energy Grid Design for Island Countries by
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy