Ending the Crisis With Guaranteed Employment and Retraining
AbstractSince 2008, the U.S. economy has been mired in the second worst economic crisis in its history. Conceivably, massive government spending could bring the economy out of this slump as massive war spending ultimately ended the Great Depression of the 1930s. However, a far superior strategy exists: Guaranteeing employment accompanied by retraining to enable all unemployed workers to become absorbed into the regular work force. Beyond ending the crisis, the superiority of this strategy is that it would institutionalize a procedure for insuring that, in an increasingly technologically dynamic and open economy, workers would possess the necessary skills for available jobs. Guaranteeing employment would also eliminate the ecological costs associated with the need to seek growth to generate employment at practically any cost. Finally, it would establish a new moral social contract whereby everyone is granted the dignity that accompanies being a productive member of society. Welfare for those able to work could disappear, along with the degradation and humiliation that accompanies it.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by American University, Department of Economics in its series Working Papers with number 2013-12.
Date of creation: 2013
Date of revision:
Contact details of provider:
Web page: http://www.american.edu/cas/economics/
employer of last result; inequality; unemployment; inadequate demand;
Find related papers by JEL classification:
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
- H10 - Public Economics - - Structure and Scope of Government - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-08-16 (All new papers)
- NEP-HME-2013-08-16 (Heterodox Microeconomics)
- NEP-MAC-2013-08-16 (Macroeconomics)
- NEP-SPO-2013-08-16 (Sports & Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Facundo Alvaredo & Anthony B. Atkinson & Thomas Piketty & Emmanuel Saez, 2013.
"The Top 1 Percent in International and Historical Perspective,"
NBER Working Papers
19075, National Bureau of Economic Research, Inc.
- Facundo Alvaredo & Anthony B. Atkinson & Thomas Piketty & Emmanuel Saez, 2013. "The Top 1 Percent in International and Historical Perspective," Journal of Economic Perspectives, American Economic Association, vol. 27(3), pages 3-20, Summer.
- Jon D. Wisman, 2013.
"Government Is Whose Problem?,"
Journal of Economic Issues,
M.E. Sharpe, Inc., vol. 47(4), pages 911-938, December.
- Jon D. Wisman, 2013. "Labor Busted, Rising Inequality and the Financial Crisis of 1929: An Unlearned Lesson," Working Papers 2013-07, American University, Department of Economics.
- Jon D. Wisman & Barton Baker, 2010.
"Rising Inequality and the Financial Crises of 1929 and 2008,"
2010-10 JEL classificatio, American University, Department of Economics.
- Jon D. Wisman & Barton Baker, 2011. "Rising Inequality and the Financial Crises of 1929 and 2008," Working Papers 2011-01 JEL classificatio, American University, Department of Economics.
- Jon D. Wisman, 2010.
"Inequality, Social Respectability, Political Power and Environmental Devastation,"
2010-09 JEL classificatio, American University, Department of Economics.
- Jon D. Wisman, 2011. "Inequality, Social Respectability, Political Power, and Environmental Devastation," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 45(4), pages 877-900, December.
- Jon Wisman, 2010. "The Moral Imperative and Social Rationality of Government-Guaranteed Employment and Reskilling," Review of Social Economy, Taylor & Francis Journals, vol. 68(1), pages 35-67.
- Henry S. Farber, 2008. "Employment Insecurity: The Decline in Worker-Firm Attachment in the United States," Working Papers 1068, Princeton University, Department of Economics, Industrial Relations Section..
- Rohit, 2011. "Income Distribution, Irrational Exuberance, and Growth: A Theoretical Model of the U.S. Economy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 43(4), pages 449-466, December.
- Kory Kroft & Fabian Lange & Matthew J. Notowidigdo, 2012.
"Duration Dependence and Labor Market Conditions: Theory and Evidence from a Field Experiment,"
NBER Working Papers
18387, National Bureau of Economic Research, Inc.
- Kroft, Kory & Lange, Fabian & Notowidigdo, Matthew J., 2012. "Duration Dependence and Labor Market Conditions: Theory and Evidence from a Field Experiment," CLSSRN working papers clsrn_admin-2012-21, Vancouver School of Economics, revised 28 Sep 2012.
- Jon D. Wisman, 2012.
"Wage Stagnation, Rising Inequality and the Financial Crisis of 2008,"
2012-01, American University, Department of Economics.
- Jon D. Wisman, 2013. "Wage stagnation, rising inequality and the financial crisis of 2008," Cambridge Journal of Economics, Oxford University Press, vol. 37(4), pages 921-945.
- Alan B. Krueger & Andreas Mueller, 2011. "Job Search, Emotional Well-Being and Job Finding in a Period of Mass Unemployment: Evidence from High-Frequency Longitudinal Data," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 42(1 (Spring), pages 1-81.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Meal).
If references are entirely missing, you can add them using this form.