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Ending the Crisis With Guaranteed Employment and Retraining

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  • Jon D. Wisman
  • Aaron Pacitti

Abstract

Since 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.

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File URL: http://www.american.edu/cas/economics/research/upload/2013-12.pdf
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Bibliographic Info

Paper provided by American University, Department of Economics in its series Working Papers with number 2013-12.

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Date of creation: 2013
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Handle: RePEc:amu:wpaper:2013-12

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Web page: http://www.american.edu/cas/economics/

Related research

Keywords: employer of last result; inequality; unemployment; inadequate demand;

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References

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  1. Peter Temin, 2008. "Real Business Cycle Views of the Great Depression and Recent Events: A Review of Timothy J. Kehoe and Edward C. Prescott's Great Depressions of the Twentieth Century," Journal of Economic Literature, American Economic Association, vol. 46(3), pages 669-84, September.
  2. Jon D. Wisman & Barton Baker, 2010. "Rising Inequality and the Financial Crises of 1929 and 2008," Working Papers 2010-10 JEL classificatio, American University, Department of Economics.
  3. Jon D. Wisman, 2012. "Wage Stagnation, Rising Inequality and the Financial Crisis of 2008," Working Papers 2012-01, American University, Department of Economics.
  4. 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.
  5. 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..
  6. 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.
  7. Menzie Chinn & Laurent Ferrara & Valérie Mignon, 2013. "Post-Recession US Employment through the Lens of a Non-Linear Okun's Law," Working Papers 2013-13, CEPII research center.
  8. 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.
  9. Mathew Forstater, 2006. "Green Jobs: Public Service Employment and Environmental Sustainability," Challenge, M.E. Sharpe, Inc., vol. 49(4), pages 58-72, July.
  10. Winkelmann, Liliana & Winkelmann, Rainer, 1998. "Why Are the Unemployed So Unhappy? Evidence from Panel Data," Economica, London School of Economics and Political Science, vol. 65(257), pages 1-15, February.
  11. 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.
  12. 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.
  13. Daniel Sullivan & Till von Wachter, 2009. "Job Displacement and Mortality: An Analysis Using Administrative Data," The Quarterly Journal of Economics, MIT Press, vol. 124(3), pages 1265-1306, August.
  14. Eric D. Gould & Bruce A. Weinberg & David B. Mustard, 2002. "Crime Rates And Local Labor Market Opportunities In The United States: 1979-1997," The Review of Economics and Statistics, MIT Press, vol. 84(1), pages 45-61, February.
  15. 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.
  16. Rohit, 2011. "Income Distribution, Irrational Exuberance, and Growth," Review of Radical Political Economics, Union for Radical Political Economics, vol. 43(4), pages 449-466, December.
  17. Jon D. Wisman, 2013. "Government Is Whose Problem?," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 47(4), pages 911-938, December.
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