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Author: William Mitchell
Publisher: Edward Elgar Publishing
ISBN: 1848441428
Category : Business & Economics
Languages : en
Pages : 309
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Book Description
This book by William Mitchell and Joan Muysken is both important and timely. It deals with the issue of the abandonment of full employment as an objective of economic policy in the OECD countries. It argues persuasively that macroeconomic policy has been restrictive over the recent, and not so recent past, and has produced substantial open and disguised unemployment. But the authors show how a job guarantee policy can enable workers, who would otherwise be unemployed, to earn a wage and not depend on welfare support. If such a policy is fully supported by appropriate fiscal and monetary programmes, it can create full employment with price stability, which the authors label as a Non-Accelerating-Inflation-Buffer Employment Ratio (NAIBER). This book is essential reading for any one wishing to understand how we can return to full employment as the normal state of affairs. Philip Arestis, University of Cambridge, UK This book dismantles the arguments used by policy makers to justify the abandonment of full employment as a valid goal of national governments. Bill Mitchell and Joan Muysken trace the theoretical analysis of the nature and causes of unemployment over the last 150 years and argue that the shift from involuntary to natural rate conceptions of unemployment since the 1960s has driven an ideological backlash against Keynesian policy interventions. The authors contend that neo-liberal governments now consider unemployment to be an individual problem rather than a reflection of systemic policy failure and that they are content to use unemployment as a policy instrument to control inflation and coerce the unemployed with work tests and compliance programmes rather than provide sufficient employment. They present a comprehensive theoretical and empirical critique of this policy approach, with a refreshing new framework for understanding modern monetary economies. The authors show that the reinstatement of full employment with price stability is a viable policy goal that can be achieved by activist fiscal policy through the introduction of a Job Guarantee. Full Employment Abandoned will appeal to graduate and postgraduate students and researchers of economics and politics with an interest in macroeconomic policy and the labour market, particularly unemployment and neo-liberal policy frameworks.
Author: William Mitchell
Publisher: Edward Elgar Publishing
ISBN: 1848441428
Category : Business & Economics
Languages : en
Pages : 309
Get Book
Book Description
This book by William Mitchell and Joan Muysken is both important and timely. It deals with the issue of the abandonment of full employment as an objective of economic policy in the OECD countries. It argues persuasively that macroeconomic policy has been restrictive over the recent, and not so recent past, and has produced substantial open and disguised unemployment. But the authors show how a job guarantee policy can enable workers, who would otherwise be unemployed, to earn a wage and not depend on welfare support. If such a policy is fully supported by appropriate fiscal and monetary programmes, it can create full employment with price stability, which the authors label as a Non-Accelerating-Inflation-Buffer Employment Ratio (NAIBER). This book is essential reading for any one wishing to understand how we can return to full employment as the normal state of affairs. Philip Arestis, University of Cambridge, UK This book dismantles the arguments used by policy makers to justify the abandonment of full employment as a valid goal of national governments. Bill Mitchell and Joan Muysken trace the theoretical analysis of the nature and causes of unemployment over the last 150 years and argue that the shift from involuntary to natural rate conceptions of unemployment since the 1960s has driven an ideological backlash against Keynesian policy interventions. The authors contend that neo-liberal governments now consider unemployment to be an individual problem rather than a reflection of systemic policy failure and that they are content to use unemployment as a policy instrument to control inflation and coerce the unemployed with work tests and compliance programmes rather than provide sufficient employment. They present a comprehensive theoretical and empirical critique of this policy approach, with a refreshing new framework for understanding modern monetary economies. The authors show that the reinstatement of full employment with price stability is a viable policy goal that can be achieved by activist fiscal policy through the introduction of a Job Guarantee. Full Employment Abandoned will appeal to graduate and postgraduate students and researchers of economics and politics with an interest in macroeconomic policy and the labour market, particularly unemployment and neo-liberal policy frameworks.
Author: Robert Pollin
Publisher: MIT Press
ISBN: 0262017571
Category : Business & Economics
Languages : en
Pages : 206
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Book Description
Economist Robert Pollin argues that the United States needs to try to implement full employment and how it can help the economy.
Author: Jesus Felipe
Publisher: Anthem Press
ISBN: 0857285726
Category : Business & Economics
Languages : en
Pages : 369
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Book Description
'Inclusive Growth, Full Employment, and Structural Change: Implications and Policies for Developing Asia' discusses policies to achieve inclusive growth in developing Asia, including agriculture, investment, certain state interventions, monetary, fiscal, and the role of the state as employer of last resort. Felipe argues that full employment of the labor force is the key to delivering inclusive growth. Full employment is the most direct way to improve the well-being of the people, especially of the most disadvantaged. Since unemployment and underemployment are pervasive in many parts of the region, Asian leaders must commit to the goal of full employment. The book also analyzes the region's phenomenal growth in recent decades in terms of structural transformation. Accelerating it is vital for the continued growth of developing Asia. But efforts to achieve full employment might be held back given that structural transformation requires massive labor shifts across sectors, and these are difficult to coordinate. Moreover, the goal of full employment was abandoned in the 1970s, and governments and central banks have since concentrated on keeping inflation low.
Author: Michael Dennis
Publisher: Bloomsbury Publishing
ISBN: 1350179167
Category : History
Languages : en
Pages : 297
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Book Description
Through moments of social protest, policy debate, and popular mobilization, this book follows the campaign for economic democracy and the fight for full employment in the United States. Starting in the 1930s, Dennis explores its intellectual and philosophical underpinnings, the class struggle that determined the fate of legislation and the role of left-wing civil rights activists in its revival. Demonstrating how the campaign for full employment intersected with movements for women's liberation and civil rights, it explores how social groups and oppressed minorities interpreted and appropriated the promise of full employment. For many, full employment provided an indispensable path to racial and gender emancipation. In this book, Dennis uncovers the class dimensions and the resistance to full employment in the US. He demonstrates how the recurring debates over full employment consistently exposed the contradictions inherent in a capitalist society and challenged the assertion that an allegedly free enterprise system automatically generated employment for all.
Author: Michael J. Murray
Publisher: Springer
ISBN: 3319663763
Category : Business & Economics
Languages : en
Pages : 264
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Book Description
This edited collection investigates how full employment programs can sustain the economy and the environment, promote social justice, and reinvigorate local communities. The contributing authors focus on the formation of institutions to eliminate the opportunity gap for marginalized populations, enact environmentally sustainable methods of production and consumption, and rebuild local economies through education, training, and community redevelopment programs. They argue that the formation and implementation of a federally funded, locally operated Job Guarantee program is a vital component to address a variety of complex and interweaving concerns. Through the formation of alternative institutions and encouraging local economies, the Job Guarantee approach has the potential to alter economic, social, and political structures away from an exploitative market-oriented structure toward one that is refocused on humanity and the sustainability of the earth and its peoples, cultures, and communities.
Author: Josh Bivens
Publisher: Cornell University Press
ISBN: 9780801461132
Category : Business & Economics
Languages : en
Pages : 120
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Book Description
In Failure by Design, the Economic Policy Institute’s Josh Bivens takes a step back from the acclaimed State of Working America series, building on its wealth of data to relate a compelling narrative of the U.S. economy’s struggle to emerge from the Great Recession of 2008. Bivens explains the causes and impact on working Americans of the most catastrophic economic policy failure since the 1920s. As outlined clearly here, economic growth since the late 1970s has been slow and inequitably distributed, largely as a result of poor policy choices. These choices only got worse in the 2000s, leading to an anemic economic expansion. What growth we did see in the economy was fueled by staggering increases in private-sector debt and a housing bubble that artificially inflated wealth by trillions of dollars. As had been predicted, the bursting of the housing bubble had disastrous consequences for the broader economy, spurring a financial crisis and a rise in joblessness that dwarfed those resulting from any recession since the Great Depression. The fallout from the Great Recession makes it near certain that there will be yet another lost decade of income growth for typical families, whose incomes had not been boosted by the previous decade’s sluggish and localized economic expansion. In its broad narrative of how the economy has failed to deliver for most Americans over much of the past three decades, Failure by Design also offers compelling graphic evidence on jobs, incomes, wages, and other measures of economic well-being most relevant to low- and middle-income workers. Josh Bivens tracks these trends carefully, giving a lesson in economic history that is readable yet rigorous in its analysis. Intended as both a stand-alone volume and a companion to the new State of Working America website that presents all of the data underlying this cogent analysis, Failure by Design will become required reading as a road map to the economic problems that confront working Americans.
Author: Benjamin Hunnicutt
Publisher: Temple University Press
ISBN: 1439906998
Category : Business & Economics
Languages : en
Pages : 418
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Book Description
Tracing the political, intellectual, and social dialogues that changed the American concept of progress in terms of labor.
Author: Michael D. Bordo
Publisher: University of Chicago Press
ISBN: 0226066959
Category : Business & Economics
Languages : en
Pages : 545
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Book Description
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Author: William H. Beveridge
Publisher: Routledge
ISBN: 1317569784
Category : Business & Economics
Languages : en
Pages : 442
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Book Description
Beveridge defined full employment as a state where there are slightly more vacant jobs than there are available workers, or not more than 3% of the total workforce. This book discusses how this goal might be achieved, beginning with the thesis that because individual employers are not capable of creating full employment, it must be the responsibility of the state. Beveridge claimed that the upward pressure on wages, due to the increased bargaining strength of labour, would be eased by rising productivity, and kept in check by a system of wage arbitration. The cooperation of workers would be secured by the common interest in the ideal of full employment. Alternative measures for achieving full employment included Keynesian-style fiscal regulation, direct control of manpower, and state control of the means of production. The impetus behind Beveridge's thinking was social justice and the creation of an ideal new society after the war. The book was written in the context of an economy which would have to transfer from wartime direction to peace time. It was then updated in 1960, following a decade where the average unemployment rate in Britain was in fact nearly 1.5%.
Author: Kristin S. Seefeldt
Publisher: Russell Sage Foundation
ISBN: 1610448626
Category : Social Science
Languages : en
Pages : 263
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Book Description
Education, employment, and home ownership have long been considered stepping stones to the middle class. But in Abandoned Families, social policy expert Kristin Seefeldt shows how many working families have access only to a separate but unequal set of poor-quality jobs, low-performing schools, and declining housing markets which offer few chances for upward mobility. Through in-depth interviews over a six-year period with women in Detroit, Seefeldt charts the increasing social isolation of many low-income workers, particularly African Americans, and analyzes how economic and residential segregation keep them from achieving the American Dream of upward mobility. Seefeldt explores the economic and political obstacles that have altered the pathways for opportunity. She finds that while many low-income individuals work, enroll in higher education, and attempt to use social safety net benefits in times of crisis, they primarily have access to subpar institutions, which often hamper their efforts to get ahead. Many of these workers hold unstable, low-paying service sector jobs that provide few paths for advancement and exacerbate their social isolation. Those who pursue higher education to gain qualifications for better paying jobs often enroll in for-profit schools and online programs that push them into debt but rarely lead to secure employment or even a degree. And while home ownership was once the best way to establish wealth, Seefeldt finds that in declining cities like Detroit, it can saddle low-income owners with underwater mortgages in depopulated neighborhoods. Finally, she shows that the 1996 federal welfare reform and other retrenchments in the social safety net have made it more difficult for struggling families to access public benefits that could alleviate their economic hardships. When benefits are difficult to access, families often take on debt as a way of managing. Taken together, these factors contribute to what Seefeldt calls the “social abandonment” of vulnerable families. Abandoned Families is a timely, on-the-ground assessment of hardship in contemporary America. Seefeldt exposes the shortcomings of the institutions that once fostered upward mobility and shows how sweeping policy measures—including new labor protections, expansion of the social safety net, increased regulation of for-profit colleges, and reparations—could help lift up those who have fallen behind.
