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Is an Employer-of-Last-Resort Policy Sustainable? A review article

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  • Tony Aspromourgos

Abstract

A radical proposal to address decisively the problem of mass involuntary unemployment, by way of a government committing itself to stand ready as 'employer of last resort', has recently been put forward by L. Randall Wray and others. To the question of how such large-scale policies would be financed, there has been a suggestion that issuing outside money would suffice. This review employs some simple modelling to show the limits to 'printing money' as a means of financing such an employment policy. The review also critically scrutinizes the claim that the policy can simultaneously act as an antiinflationary device, as well as some other aspects of the proposals.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

Volume (Year): 12 (2000)
Issue (Month): 2 ()
Pages: 141-155

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Handle: RePEc:taf:revpoe:v:12:y:2000:i:2:p:141-155

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  1. L. Randall Wray, 1997. "Government as Employer of Last Resort: Full Employment without Inflation," Economics Working Paper Archive wp_213, Levy Economics Institute.
  2. Garegnani, Pierangelo, 1984. "Piero Sraffa," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 1-2, March.
  3. Stephanie Bell, 1998. "Can Taxes and Bonds Finance Government Spending?," Macroeconomics 9808008, EconWPA.
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Cited by:
  1. Antoine Godin, 2012. "Job Guarantee: a Structuralist Perspective," DEM Working Papers Series 016, University of Pavia, Department of Economics and Management.
  2. William F. Mitchell & Warren B. Mosler, 2001. "Fiscal Policy and the Job Guarantee," CEPR Discussion Papers 441, Centre for Economic Policy Research, Research School of Economics, Australian National University.
  3. L. Randall Wray, 2006. "Flexible Exchange Rates, Fed Behavior, and Demand Constrained Growth in the USA," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(3), pages 375-389.

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