The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
AbstractForty-five years ago, the A. Philip Randolph Institute issued "The Freedom Budget," in which a program for economic transformation was proposed that included a job guarantee for everyone ready and willing to work, a guaranteed income for those unable to work or those who should not be working, and a living wage to lift the working poor out of poverty. Such policies were supported by a host of scholars, civic leaders, and institutions, including the Rev. Dr. Martin Luther King Jr.; indeed, they provided the cornerstones for King's "Poor Peoples' Campaign" and "economic bill of rights." This paper proposes a "New Freedom Budget" for full employment based on the principles of functional finance. To counter a major obstacle to such a policy program, the paper includes a "primer" on three paradigms for understanding government budget deficits and the national debt: the deficit hawk, deficit dove, and functional finance perspectives. Finally, some of the benefits of the job guarantee are outlined, including the ways in which the program may serve as a vehicle for a variety of social policies.
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Bibliographic InfoPaper provided by Levy Economics Institute, The in its series Economics Working Paper Archive with number wp_668.
Date of creation: May 2011
Date of revision:
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Web page: http://www.levyinstitute.org
Unemployment; Full Employment; Budget Deficits; National Debt; Public Policy;
Other versions of this item:
- Selcuk Eren & Thomas Masterson & Edward Wolff & Ajit Zacharias, 2011. "The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005," Economics Working Paper Archive wp_667, Levy Economics Institute, The.
- B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-05-14 (All new papers)
- NEP-HPE-2011-05-14 (History & Philosophy of Economics)
- NEP-PKE-2011-05-14 (Post Keynesian 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.:
- Edward Wolff & Ajit Zacharias, 2009.
"Household wealth and the measurement of economic well-being in the United States,"
Journal of Economic Inequality,
Springer, vol. 7(2), pages 83-115, June.
- Edward N. Wolff & Ajit Zacharias, 2006. "Household Wealth and the Measurement of Economic Well-Being in the United States," Economics Working Paper Archive wp_447, Levy Economics Institute, The.
- William Darity, 2010. "A Direct Route to Full Employment," The Review of Black Political Economy, Springer, vol. 37(3), pages 179-181, September.
- Ruggles, Patricia & O'Higgins, Michael, 1981. "The Distribution of Public Expenditure among Households in the United States," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 27(2), pages 137-64, June.
- Landefeld, J Steven & McCulla, Stephanie H, 2000. "Accounting for Nonmarket Household Production within a National Accounts Framework," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 46(3), pages 289-307, September.
- Leanne Ussher, 1998. "Do Budget Deficits Raise Interest Rates? A Survey of the Empirical Literature," Working Papers 0005 Classification- JEL:, Department of Economics, Queens College of the City University of New York.
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