Is an Employer-of-Last-Resort Policy Sustainable? A review article
A radical proposal to address decisively the problem of mass involuntary unemployment, by way of a government committing itself to stand ready as 'employer of last resort', has recently been put forward by L. Randall Wray and others. To the question of how such large-scale policies would be financed, there has been a suggestion that issuing outside money would suffice. This review employs some simple modelling to show the limits to 'printing money' as a means of financing such an employment policy. The review also critically scrutinizes the claim that the policy can simultaneously act as an antiinflationary device, as well as some other aspects of the proposals.
Volume (Year): 12 (2000)
Issue (Month): 2 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/CRPE20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/CRPE20|
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.:
- Bruno Jossa & Marco Musella, 1998. "Inflation, Unemployment and Money," Books, Edward Elgar Publishing, number 1128.
- Garegnani, Pierangelo, 1984. "Piero Sraffa," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 1-2, March.
- L. Randall Wray, 1998.
"Government as Employer of Last Resort: Full Employment Without Inflation,"
- L. Randall Wray, 1997. "Government as Employer of Last Resort: Full Employment without Inflation," Economics Working Paper Archive wp_213, Levy Economics Institute.
- Stephanie Bell, 1998. "Can Taxes and Bonds Finance Government Spending?," Macroeconomics 9808008, EconWPA.
When requesting a correction, please mention this item's handle: RePEc:taf:revpoe:v:12:y:2000:i:2:p:141-155. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)
If references are entirely missing, you can add them using this form.