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The Case for Labor Demand Targeting

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  • Pavlina Tcherneva

Abstract

This paper argues for a fundamental reorientation of fiscal policy from the current aggregate demand management model to a model that explicitly and directly targets the unemployed. Some advantages notwithstanding, aggregate demand management has a number of serious drawbacks that merit its reconsideration. This paper identifies these shortcomings and builds the case for a targeted demand management approach that can deliver economic stabilization through full employment and better income distribution. This approach is consistent with the original Keynesian policy recommendations and offers a reinterpretation of Keynes's proposal for the modern context with the help of the work of Hyman Minsky.

Suggested Citation

  • Pavlina Tcherneva, 2011. "The Case for Labor Demand Targeting," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(2), pages 401-410.
  • Handle: RePEc:mes:jeciss:v:45:y:2011:i:2:p:401-410
    DOI: 10.2753/JEI0021-3624450217
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