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An employer of last resort scheme which resembles a free labour market

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  • Ralph S. MUSGRAVE

Abstract

This article proposes a model for an employer of last resort (ELR) scheme that mimics the dynamics of a free labor market. It discusses fiscal feasibility, wage setting, and macroeconomic implications.

Suggested Citation

  • Ralph S. MUSGRAVE, 2025. "An employer of last resort scheme which resembles a free labour market," Journal of Social and Administrative Sciences, EconSciences Journals, vol. 12(3), pages 87-97, September.
    • Handle: RePEc:cvv:journ4:v:12:y:2025:i:3:p:87-97
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    References listed on IDEAS

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    1. Warren Mosler, 1997. "Full Employment and Price Stability," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 20(2), pages 167-182, December.
    2. Roger Farmer, 2013. "The Natural Rate Hypothesis: an idea past its sell-by date," Bank of England Quarterly Bulletin, Bank of England, vol. 53(3), pages 244-256.
    3. Franco Modigliani & Lucas Papademos, 1975. "Targets for Monetary Policy in the Coming Year," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 6(1), pages 141-166.
    4. Francesconi, Marco & L. Booth, Alison & Frank, Jeff, 2000. "Temporary jobs: who gets them, what are they worth, and do they lead anywhere?," ISER Working Paper Series 2000-13, Institute for Social and Economic Research.
    5. Michael Gerfin & Michael Lechner, 2002. "A Microeconometric Evaluation of the Active Labour Market Policy in Switzerland," Economic Journal, Royal Economic Society, vol. 112(482), pages 854-893, October.
    6. L. Randall Wray, 1998. "Zero Unemployment and Stable Prices," Journal of Economic Issues, Taylor & Francis Journals, vol. 32(2), pages 539-545, June.
    7. Malcolm Sawyer, 2003. "Employer of Last Resort: Could It Deliver Full Employment and Price Stability?," Journal of Economic Issues, Taylor & Francis Journals, vol. 37(4), pages 881-907, December.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • H53 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Welfare Programs

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